The global oil market returned to a record surplus in September, as exports from the Middle East recovered and demand eased, easing supply pressures stemming from the war with Iran, according to J Bank estimates. According to Morgan.
These estimates contradict International Energy Agency forecasts published in October, which indicated that the supply deficit would continue until the end of the year.
JP Morgan estimated that global oil supply exceeded demand by about 1.1 million barrels per day in September, with the surplus widening to 1.4 million barrels per day in October.