nuNov 13, 2026, 10:33

First oil surplus since start of Iran-Iraq War

For the first time since the war involving Iran began, the global oil market has shifted from a deficit to a surplus. Increased exports from the Gulf region and improved tanker transit have caused Brent crude prices to drop significantly.

For the first time since the start of the conflict involving Iran, the global oil market is experiencing a surplus rather than a shortage. According to the International Energy Agency, the market is slowly stabilizing as supply levels recover significantly. In October alone, there was a surplus of nearly two million barrels per day, and previous deficit estimates for September have been revised to show a surplus of 600,000 barrels daily.

The increase in global oil supply is largely attributed to export levels from the Gulf region, which have now reached 74 percent of pre-war volumes. Despite ongoing security risks, more tankers are successfully transiting the Strait of Hormuz. Consequently, the price of Brent crude has fallen to 96 dollars per barrel, a notable decrease from the 117 dollars recorded in late October. This downward trend is also supported by rising hopes for a diplomatic resolution to the conflict.

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Based on reporting by nu. Translated and condensed by LocalHeadlines.

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