Global Oil Market Swings to Surplus on Gulf Exports, IEA Says

The International Energy Agency says the world oil market is returning to surplus as Gulf exports recover, with forecasts pointing to a supply surplus from late 2026 that will widen in 2027. Production rebounds, demand weakens, and crude prices ease despite diesel shortages, marking a shift after the Iran war impact. The report underscores the influence of ongoing geopolitical tensions on global energy dynamics.