The Oil Market Surplus May Be Smaller Than Feared

Oil market forecasters such as the International Energy Agency IEA may have been too pessimistic about supply-demand balances in their latest assessments, which show a large surplus for 2025. Actual global oil inventory trends in the third quarter look much more bullish than the IEA's balances and projections, the agency's latest oil market report showed.

oil products and non- crude oil stocks, the IEA said. industry stocks fell by 36.4 million barrels to 2.8 billion barrels, which was 95.3 million barrels below the five-year average. Provisional data suggest total global stocks decreased for a fifth consecutive month in October, according to the IEA. Related Is The U.S. Going To Bring This Multi-Billion Iraq Project To Fruition Preliminary data for the third quarter showed that global oil stocks fell at a rate of around 1.16 million bpd.

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