Global oil supply returns to surplus for first time since start of Iran war, says IEA

Supplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’ The world’s oil supply is swinging back to a surplus for the first time since the start of the US-Israeli war against Iran, the International Energy Agency (IEA) has said.

Oil supplies outstripped demand by almost 2m barrels a day in October, the Paris-based agency said, as “Gulf exports recovered much…