The IEA said in its monthly oil report that faster-than-demand recovery in Gulf
exports, despite continued attacks on shipping, will return the global oil
market to a surplus in Q4. It forecasts Q4 supply averaging 105 mln b/d, about
1.7 mln b/d above projected demand; the agency had previously expected a Q4
shortfall. The IEA said this is the first time global supply has exceeded demand
since the Iran conflict began.