Global oil supply returns to surplus for first time since start of Iran war, says IEA

Supplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’The world’s oil supply is swinging back to a surplus for the first time since the start of the US-Israeli war against Iran, the International Energy Agency (IEA) has said.Oil supplies outstripped demand by almost 2m barrels a day in October, the Paris-based agency said, as “Gulf exports recovered much faster than global oil demand”.

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