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Cargo ships and fishing boats remain anchored in a calm body of water under a hazy sky. Photo: Reuters and AP, South Asia

Global oil market to see surplus in late 2026, says IEA

The International Energy Agency projects a global oil surplus of 1.7 million barrels per day by the fourth quarter of 2026. This shift is driven by recovering Gulf exports and increased output from the United States, Canada, Brazil, Argentina, and Guyana.

November 13, 2026

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