Has the global oil market returned to surplus? JPMorgan thinks so

AI Summary

JPMorgan says the global oil market has returned to surplus after months of supply disruptions linked to the U.S.-Israeli war with Iran. Recovering Middle Eastern exports and higher Latin American production have brought more crude to market, with the bank estimating a surplus of 1.1 million barrels per day.

The global oil market has returned to a surplus after months of supply disruptions linked to the U.S.-Israeli war with Iran, with recovering Middle Eastern exports and rising production in Latin America bringing more crude back into circulation, JPMorgan said. The bank estimates that the market recorded a surplus of 1.1 million barrels per day ...