Business · Energy & Commodities · 10 hrs ago
Global oil supply shows first signs of recovery since Iran war began
The International Energy Agency says global oil supply is beginning to recover for the first time since the Iran war began.
In October, worldwide oil stocks rose by 52 million barrels as supply grew faster than demand.
Gulf states, excluding Oman, exported 18.4 million barrels a day last month, still 26% below the level before the war.
Higher output from the United States, Canada, Brazil and Argentina is partly making up for lost production in the Middle East and Russia.
Diesel remains especially scarce, with disrupted exports and attacks on energy infrastructure worsening the shortage.
The IEA plans to release diesel emergency reserves faster in the coming months to help bridge the gap until refineries increase production.
The agency expects oil supply to recover further in 2027, while demand is expected to start rising again around March.
The International Energy Agency says global oil supply has exceeded demand for the first time since the Iran war began.
Global oil stocks rose by 52 million barrels in October as Gulf exports recovered faster than demand.
Oil exports from Gulf states, excluding Oman, reached 18.4 million barrels per day last month, still 26% below pre-war levels.
Higher production in the United States, Canada, Brazil and Argentina is partly offsetting output losses in the Middle East and Russia.
The IEA plans to release diesel emergency reserves faster in the coming months as tight supplies, especially of diesel, remain a major concern.
- Who
- The International Energy Agency (IEA).
- What
- Global oil supply has exceeded demand for the first time since the Iran war began, and oil stocks have increased.
- When
- In October; the reports were published on November 13, 2026.
- Where
- Worldwide, with Gulf-state oil exports and supply disruptions in the Middle East and Russia.
- Why
- Gulf exports recovered faster than global demand, while higher production in several countries partly offset output losses.
This story does not have two clearly opposing sides.
The IEA decided to release a record 400 million barrels of crude oil from strategic reserves; the release has not yet been fully implemented.
Global oil stocks rose by 52 million barrels as Gulf exports recovered faster than demand.
Gulf-state oil exports, excluding Oman, reached 18.4 million barrels per day.
The IEA reported that global oil supply had exceeded demand for the first time since the war began.
- Oil stock increase
- 52 million barrels in October
- Gulf exports
- 18.4 million barrels per day, excluding Oman
- Gap from pre-war exports
- 26% below pre-war levels
- Strategic crude release
- 400 million barrels
- Expected demand recovery
- From around March 2027