The global oil market is expected to return to a surplus situation during the fourth quarter of this year, as exports from the Middle East are recovering faster than global oil demand. The assessment was made by the International Energy Agency (IEA) in its monthly report on the oil market.
According to the agency, global oil supply is expected to exceed demand for the first time since the start of the war in Iran. This development is mainly linked to the recovery of exports from Middle Eastern countries, despite attacks that continue to be reported on maritime transport.
In its report, the IEA assesses that the market is showing the first signs of a rebalancing, after a period of uncertainty and disruptions in international supply.