IEA warns of global oil oversupply as Gulf exports surge

This is the assessment of the International Energy Agency (IEA), despite ongoing daily supply disruptions in the Middle East.

In its latest monthly report, the IEA raises its forecast for oil supply by 920,000 barrels per day.

“The oil market is showing tentative signs of rebalancing, with global oil supply exceeding demand for the first time since the Iran war broke out,” the IEA writes.

The IEA points to strong increases in oil exports from countries such as Saudi Arabia and Iraq. As a result, countries around the Persian Gulf have now recovered 74 percent of the supply volumes they had before the US and Israel began bombing Iran.

The IEA also notes that oil inventories increased in October, the first rise since June.