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Gulf supply rebounds and tips oil into surplus, IEA says

The International Energy Agency says global oil supply has moved into surplus as Gulf exports recover. Iraq's October output was its highest since 2019, while European diesel prices stayed high.

Illustration: A glossy model oil tanker sits low in calm water beside a small model oil derrick, with a surplus of full barrels stacked beside it on a coral tabletop.
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The International Energy Agency said global oil markets have swung to a surplus, meaning supply now exceeds demand. The shift came as Gulf shipments picked up again.

Gulf producers raised crude flows in October even though shipping was disrupted by the Iran war. Iraq's output reached its highest level since 2019, and production in the United Arab Emirates held close to the previous month's high.

Illustration: Seen from above, a row of unbranded model tankers leaves a sandy model port terminal at midday, with pipelines running to plain unmarked storage tanks and a few small anonymous workers on the quay.
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European diesel prices stayed high even as the wider oil market moved into surplus. The agency's figures cover October, so they describe conditions in that month rather than later.

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