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Global Oil Supply Surges Past Demand
13 Nov
Summary
- Global oil supply surpassed demand in October, first time since Iran war.
- Russia's crude oil output increased to 8.73 million barrels daily.
- Diesel supply remains tight due to infrastructure attacks and disruptions.
Global oil supply exceeded demand in October, marking the first instance since the commencement of the Iran war. Russia's crude oil production saw a notable increase, reaching 8.73 million barrels per day.
Global oil supply surged by 2.3 million barrels a day in October, reaching 105.4 million barrels daily. This rise is attributed to increased output from the U.S., Canada, Brazil, Argentina, and Guyana, which are collectively expected to boost production significantly.
Despite the overall surplus in crude oil, the supply of diesel remains tight. This is primarily due to persistent attacks on Russian energy infrastructure and ongoing disruptions in the Middle East, which continue to limit product exports. The U.S. has authorized certain diesel transactions involving Russian origin through April 2027.
