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IEA Says Oil Market Heads Back to Surplus as Gulf Exports Recover
The IEA says the global oil market is set to return to surplus as Gulf exports recover, with Iraqi and Russian output rebounding in October, media report.
What happened
The global oil market is set to move back into surplus as exports from the Gulf recover, according to the Wall Street Journal and the Financial Times, which cite the International Energy Agency (IEA).
Bloomberg reports that the IEA found Iraq's oil output in October jumped to its highest level since 2019. Reuters adds that, according to the IEA, Russian fuel exports and oil output rebounded in October after a deal with Trump.
The Wall Street Journal separately reports that oil prices rebounded as supply risks in the Middle East persist.
Context
The IEA publishes regular assessments of global oil supply and demand, which market participants use to gauge whether the market is in surplus or deficit.
Why it matters
A shift toward surplus, alongside lingering Middle East supply risks, shows the competing forces that shape how energy markets and oil-producing countries are viewed.
Sources
ATLAS writes its own summaries from the reporting of these outlets. Each link opens the original publisher.
- Global oil markets swing to surplus as Gulf shipments rebound · Financial Times · November 13, 2026
- Oil Prices Rebound as Middle East Supply Risks Persist · WSJ · November 13, 2026
- Iraq October Oil Output Jumps to Highest Since 2019, IEA Says · Bloomberg.com · November 13, 2026
- Russian fuel exports, oil output rebounded in October after deal with Trump, IEA says · Reuters · November 13, 2026
- Global Oil Market Set to Return to Surplus as Gulf Exports Recover, IEA Says · WSJ · November 13, 2026
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