JPMorgan estimates the global oil market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 million in October, as exports recovered and demand weakened.
JPMorgan said the global oil market moved back into surplus after months of disruption caused by conflict in the Middle East. The bank estimates the surplus reached 1.1 million barrels per day in September and widened to 1.4 million in October, nearly matching last year's average of 1.3 million.
Global crude imports rose to 44.9 million barrels per day in October, up 1.3 million from a year earlier. Middle Eastern oil exports recovered to around 20.7 million barrels per day from a low of 9.8 million in March, though volumes remain below pre-war levels. Latin America is supplying about 1.5 million barrels per day more crude than a year ago, led by Brazil, Venezuela, Guyana and Argentina.
JPMorgan estimated global demand had fallen by 3.3 million barrels per day since the conflict began, as high fuel prices and supply disruptions curbed consumption.
