Limited oil supply may continue through 2027, warns the IEA

The International Energy Agency has warned that global oil supplies will remain tight through much of 2027. Despite a slight increase in oil at sea, total global inventories fell by 113 million barrels in September, leaving reserves at their lowest level since 2016. While market surpluses for diesel and gasoline are expected by early 2027, the recovery will be insufficient to offset the deficits accumulated during 2026, keeping global markets volatile amid ongoing geopolitical tensions in the Middle East.