Global oil supply returns to surplus for first time since start of Iran war, says IEA

The Guardian Business Friday 13 November 2026, 13:35 UTC By Lauren Almeida 1 min read

Key Points

Supplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’The world’s oil supply is swinging back to a surplus for the first time since the start of the US-Israeli war against Iran, the International Energy Agency (IEA) has said. Oil supplies outstripped demand by almost 2m barrels a day in October, the Paris-based agency said, as “gulf exports recovered much faster than global oil demand”.

Supplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’

The world’s oil supply is swinging back to a surplus for the first time since the start of the US-Israeli war against Iran, the International Energy Agency (IEA) has said.

Oil supplies outstripped demand by almost 2m barrels a day in October, the Paris-based agency said, as “gulf exports recovered much faster than global oil demand”.

Iran (LOCATION) IEA Supplies (ORG) rebalancing’The world’s (ORG) US (LOCATION) Israeli (ORG) the International Energy Agency (ORG) IEA (ORG) Paris (LOCATION)

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Global oil supply returns to surplus for first time since start of Iran war, says IEA

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