IEA: Oil market returning to surplus as Gulf exports recover

LONDON: The world oil market will return to a surplus in the fourth quarter of this year, the International Energy Agency said on Friday, as Middle East exports recover faster than global oil demand despite continued attacks on shipping.

The agency also gave more details of remaining volumes to come from a record release of oil from its members’ emergency reserves pledged in March, saying 71 million barrels would be made available by the end of February including 15 million barrels of diesel to ease market tightness.

Oil supply will average 105 million barrels per day in the fourth quarter, the Paris-based agency, which advises industrialized countries, said in ⁠a monthly report, ⁠1.7 million bpd higher than forecast demand. The IEA had previously forecast a fourth-quarter supply deficit.