World oil market is returning to surplus as Gulf exports recover, IEA says
The agency raised its fourth-quarter supply outlook by 3.3 million barrels a day as inventories rose and demand stayed weak.
- Discounts on Russian Urals crude widened to levels last seen in April 2023 as Persian Gulf oil supplies returned through the Strait of Hormuz, Kommersant reported Friday.
- Indian refiners pivoted to Persian Gulf crude in October as freight costs priced out Russian barrels, with imports from Russia falling 67% month-over-month, according to S&P Global Commodities at Sea.
- In the week ending November 6, Urals traded $31 a barrel below Dated Brent at Baltic ports and $33 a barrel below it at Novorossiysk, widening by up to $2.95 a barrel.
- Global oil supply reached 105.4 million barrels a day in October, the International Energy Agency noted, as rebounding Gulf shipments pushed markets into surplus for the first time since the Middle East conflict began.
- Finance Minister Anton Siluanov told the Duma on October 29 that the 2027 budget assumes a Urals price of $50 a barrel, down from the previous $59 a barrel forecast.
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66 Articles
Russia's oil production increased in October by 210,000 barrels a day, reaching 8.73 million barrels a day, while the resumption of deliveries in the Gulf region brought back the world oil market in surplus for the first time since the outbreak of the Iran war, according to the monthly report published on Friday by the International Energy Agency (IEA), CNBC reports.
Oil supply will exceed demand by 1.7 million barrels per day in the last quarter of 2026, as predicted by the International Energy Agency. The post Oil turnaround: From deficit to surplus of 1.7 million barrels appeared first on in.gr.
This is a first since the beginning of the war in Iran. In its monthly report, the International Energy Agency notes on Thursday that the oil market shows signs of rebalancing.
Russia increased oil revenues to $21.2 billion in October. More than 80 percent of revenues were provided by crude oil, which is also supplied by pipelines.
The International Energy Agency (IEA) predicts that global crude oil production will exceed consumption during the last three months of 2026, following the surge in Persian Gulf exports. In October, shipments reached 18.4 million barrels per day, despite attacks on oil tankers in the Strait of Ormuz. The agency also anticipates a drop of 2.7 million barrels per day in world demand during this year, due to high prices and the advance of transport…
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