Global oil supplies recover as Middle East output rises
JPMorgan and HSBC report that global oil markets have returned to a surplus as Middle East exports recover from earlier conflicts. Rising production from Latin America and Saudi Aramco further supports the supply recovery.
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The global oil market returned to a surplus of 1.1 million barrels per day in September, with production rebounding after disruptions tied to the conflict involving the United States, Israel, and Iran, JPMorgan said on Wednesday. The surplus widened to 1.4 million bpd in October, nearly matching last year's average of 1.3 million bpd. The recovery points to stabilizing energy supplies that are easing previous market tightness for Brent Crude Oil.
