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Agency Sees 1.7M Oil Glut
The International Energy Agency revised its forecasts, projecting a global oil surplus of 1.7 million barrels per day in the fourth quarter of 2026, with supply averaging 105 million barrels per day—exceeding demand for the first time since the war broke out on February 28. The shift is due to a recovery in Middle Eastern exports and higher OPEC+ output, which reached 41.23 million barrels per day in October, around 97% of its pre-war level. The agency also forecast a larger surplus of 3.8 million barrels per day in 2027, as supply growth continues.
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