JPMorgan and HSBC believe the global oil market is back in surplus after months of disruption caused by the US and Israel's war with Iran, said Jay. Fiorgan in a statement issued the previous day, while HSBC raised its oil production forecast. According to JPMorgan, in September, the global oil market returned to a surplus of 1.1 million B\s, increasing to 1.4 million B\ in October, which is almost in line with last year's average of 1.3 million B\. The bank said that both inventors and trade flow point to the return of excess oil to the market, with global oil imports in October rising to 44.9 million B\s, over 1.3 million b & #092; a year earlier. Oil exports from the Middle East reached $20.7 million, up from $9.8 million in March, although volumes remained below levels seen before the start of the Iran war in late February. Growth in production in other regions also contributed. The bank estimates that Latin America alone provided about B\1.5 million more than a year ago, with Brazil, Venezuela, Guyana and Argentina leading the way. HSBC raised its 2027 oil production forecast to $9.8 million from $8.8 million and said it expects production to return to 10 million bpd by mid-2027.

JPMorgan and HSBC believe the global oil market is back in surplus after months of disruption caused by the US and Israel's war with Iran, said Jay. Fiorgan in a statement issued the previous day, while HSBC raised its oil production forecast. According to JPMorgan, in September, the global oil market returned to a surplus of 1.1 million B\s, increasing to 1.4 million B\ in October, which is almost in line with last year's average of 1.3 million B\. The bank said that both inventors and trade flow point to the return of excess oil to the market, with global oil imports in October rising to 44.9 million B\s, over 1.3 million b & #092; a year earlier. Oil exports from the Middle East reached $20.7 million, up from $9.8 million in March, although volumes remained below levels seen before the start of the Iran war in late February. Growth in production in other regions also contributed. The bank estimates that Latin America alone provided about B\1.5 million more than a year ago, with Brazil, Venezuela, Guyana and Argentina leading the way. HSBC raised its 2027 oil production forecast to $9.8 million from $8.8 million and said it expects production to return to 10 million bpd by mid-2027.