World oil market is returning to surplus as Gulf exports recover, IEA says
The agency warned that diesel shortages and shipping attacks could keep fuel markets tight even as crude supply outpaces demand.
- 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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pmo.eeنُشر هذا المقال ولاً عبر Cedarnews.net. To follow more from the news and the Qarır al-Hasriyah, click on our website. The world oil market has reached a situation where supply exceeds demand for the first time since the outbreak of the Iran war. The International Energy Agency sees. تم نشر هذا الخبر عبر موقع Cedarnews الشبابري. For more information, please visit our official website.
Iran war, Hormuz attacks fail to trigger oil shock as Gulf producers ramp up output, prices slide
The ample supply has added to pressure on oil prices. Futures at one point this week were down almost 25% for the month, easing inflation concerns and offering respite for the global economy.
For the first time since the beginning of the war between Israel and Iran, the world has more oil than it consumes. Gulf exports go back, while high prices still hold back world consumption. And barrels come back faster than needs, enough to lower prices.
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.
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