IEA says global oil supply to surpass demand in Q4

The International Energy Agency reports that global oil supplies are expected to exceed demand in the fourth quarter. A market surplus was recorded in October, marking the first time the market has seen such a surplus since the outbreak of the war in Iran, according to the agency.

Gulf oil shipments reached 18.4 million barrels per day in October, contributing to the surplus, though Free Malaysia Today notes this figure remains 26% below pre-war levels. Overall oil supply rose by 3 million barrels per day in September and an additional 2.3 million barrels in October.

Global demand is projected to fall by 2.7 million barrels per day this year. Free Malaysia Today attributes this decline to oil prices remaining well above pre-war levels and the acceleration of fuel efficiencies and electrification across the global car fleet.

Brief written by urgent.news from Punch Nigeria, Free Malaysia Today — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.