It seems as though there will be an even bigger oil glut next year.
Oil prices fell on the markets as the International Energy Agency (IEA) increased its forecast of a supply glut next year.
Oil use will “remain subdued over the remainder of 2025 and in 2026”, the IEA said in its monthly oil market report.
It added that while the oil market had been in surplus since the start of the year, September brought “a surge in Middle East production, coinciding with seasonally lower regional crude demand” as well as robust output from the Americas, with the volume of oil on tankers at sea rising by an extra 102 million barrels. Brent crude, the global benchmark, fell almost 2 per cent to just over $62 a barrel.
Even with a slight fillip due to new sanctions on Russia - the trend for oil is up in volume down in price for the year ahead, according to analysts.
