06.11.2026, 14:10
The global energy market is facing a serious problem
Source: OREANDA-NEWS
OREANDA-NEWS In the fall of 2026, the global energy market faced an impressive oversupply of expensive oil, which risks further cooling global demand for a key type of raw material. This problem is reported by Reuters, citing data from analysts at the American bank JP Morgan.
If in September the surplus (excess over demand) of global supply averaged 1.1 million barrels, then in October the figure jumped to 1.4 million, experts said. In annual terms, the increase was about 100,000 barrels.
In the second month of autumn, global oil supplies exceeded the average level of 2025. At the same time, demand has noticeably lagged behind. This creates risks of increasing the imbalance between supply and demand, the financiers concluded.
The gradual recovery of exports from the Persian Gulf countries contributed to the increase in global shipments of raw materials. Saudi Arabia became the main driver. In October, the average daily oil supplies from this state, according to Vortexa, approached the maximum value since the beginning of the war in the Middle East.
However, increased attacks by Yemeni Houthi rebels on energy infrastructure facilities of one of the main players in the global oil market could hit Saudi Arabia's export potential, experts warn. Traders are also not optimistic about Iran's regular attacks on tankers in the Strait of Hormuz. In the event of another escalation in the region, Denis Astafyev, founder of the SharesPro fintech platform, warned that the benchmark North Sea Brent crude oil brand could rise in price to $ 120 per barrel by the end of the year.
If in September the surplus (excess over demand) of global supply averaged 1.1 million barrels, then in October the figure jumped to 1.4 million, experts said. In annual terms, the increase was about 100,000 barrels.
In the second month of autumn, global oil supplies exceeded the average level of 2025. At the same time, demand has noticeably lagged behind. This creates risks of increasing the imbalance between supply and demand, the financiers concluded.
The gradual recovery of exports from the Persian Gulf countries contributed to the increase in global shipments of raw materials. Saudi Arabia became the main driver. In October, the average daily oil supplies from this state, according to Vortexa, approached the maximum value since the beginning of the war in the Middle East.
However, increased attacks by Yemeni Houthi rebels on energy infrastructure facilities of one of the main players in the global oil market could hit Saudi Arabia's export potential, experts warn. Traders are also not optimistic about Iran's regular attacks on tankers in the Strait of Hormuz. In the event of another escalation in the region, Denis Astafyev, founder of the SharesPro fintech platform, warned that the benchmark North Sea Brent crude oil brand could rise in price to $ 120 per barrel by the end of the year.
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