WorldThe GuardianGlobal oil supply returns to surplus for first time since start of Iran war, says IEA
Global oil supply is back in surplus for the first time since the Iran war began, and prices have eased from a peak of $126 a barrel to around $95.
Supplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’
The IEA says global oil supply swung back to a surplus in October for the first time since the outbreak of the US-Israeli war against Iran.
Oil supplies outstripped demand by almost 2 million barrels a day in October, with Brent crude falling from a peak of $126 a barrel to around $95.
The IEA expects supply to remain ahead of demand through the end of the year, though concerns about ongoing tanker attacks and possible further US strikes remain.
Easing oil prices could eventually flow through to lower petrol prices at the bowser, though global uncertainty around further Middle East strikes remains.
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