PARIS: Global oil supplies are expected to exceed demand in the fourth quarter, after increased Gulf exports led to a market surplus in October for the first time since the Iran war, the International Energy Agency said on Friday.

Even though attacks on tankers trying to transit the Strait of Hormuz have continued, Gulf shipments reached 18.4 million barrels per day — though that was still 26pc below pre-war levels, the Paris-based agency said in its monthly report.

“The oil market is showing tentative signs of rebalancing, with global oil supplies surpassing demand for the first time since the outbreak of the war in Iran,” the IEA said.

Published in Dawn, November 14th, 2026