Russian crude output rebounds and oil markets return to surplus, IEA says
FROM THE WIRE · CNBC.COM
Russia's crude oil production rose by 210,000 barrels a day to 8.73 million barrels a day in October, according to the IEA. Global oil supply rose to 105.4 million barrels a day in October, lifting supply above demand for the first time since the Iran war began.
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishA return to oil market surplus tends to pressure crude prices.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Russia's crude output rose by 210,000 barrels a day to 8.73 million in October.
- 02Global oil supply rose to 105.4 million barrels a day in October.
- 03Supply exceeded demand for the first time since the Iran war began.