Global oil market returns to surplus as demand slows
The global oil market has returned to a surplus as high prices curb demand and supply recovers from Middle East disruptions. Banks report excess output even as regional exports remain below pre-war levels.
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Global oil supplies returned to a surplus of 1.1 million barrels per day in September as high prices curbed demand, according to JP Morgan data released on Wednesday morning. The shift comes despite ongoing export disruptions from the Middle East following the outbreak of the war involving Iran in late February. The recovery in regional production and softening consumption have effectively overturned earlier deficit projections for 2026.
