The IEA said fourth-quarter oil supply will average 105 million barrels per day, 1.7 million bpd above forecast demand, reversing its earlier forecast of a deficit. It said 71 million barrels from emergency stock releases will be made available by the end of February, including 15 million barrels of diesel.
The world oil market will return to a surplus in the fourth quarter as Middle East exports recover faster than global oil demand, the International Energy Agency said. The agency forecast average supply of 105 million barrels per day, 1.7 million bpd above demand, after previously projecting a deficit.
The IEA said 71 million barrels from members’ emergency reserves will be made available by the end of February, including 15 million barrels of diesel. It said Gulf oil producers are recovering exports disrupted since the war began in late February, including through dark crossings in the Strait of Hormuz. OPEC+ pumped 41.23 million bpd of crude in October, up about 2.04 million bpd from September and 97% of its pre-war February volume, OPEC said.
