Logo of International Energy Agency (IEA)
The global oil market is heading for a surplus in Q4 this year, as Middle East exports recover at a faster pace than global demand growth, despite ongoing attacks on shipping activity. 
The International Energy Agency (IEA), headquartered in Paris, expects global supply to average 105 million barrels per day (bpd) in Q4, exceeding projected demand by around 1.7 million bpd.
This marks a shift from the agency’s earlier estimates, which had anticipated a supply deficit for the same period.
The agency said the oil market is showing early signs of rebalancing, with global supplies outpacing demand for the first time since the start of the war in Iran.
Logo of International Energy Agency (IEA)
The global oil market is heading for a surplus in Q4 this year, as Middle East exports recover at a faster pace than global demand growth, despite ongoing attacks on shipping activity.
The International Energy Agency (IEA), headquartered in Paris, expects global supply to average 105 million barrels per day (bpd) in Q4, exceeding projected demand by around 1.7 million bpd.
This marks a shift from the agency’s earlier estimates, which had anticipated a supply deficit for the same period.
The agency said the oil market is showing early signs of rebalancing, with global supplies outpacing demand for the first time since the start of the war in Iran.
