Oil Market Report - November 2026

The International Energy Agency's November Oil Market Report shows global oil supply has moved into surplus after Gulf shipments rebounded and Russian crude production recovered, according to Financial Times, Wall Street Journal, Reuters and CNBC coverage of the release. JPMorgan estimates global supply exceeded demand by 1.4 million barrels per day in October, easing the tightness seen in previous months, the Financial Times reported. The surplus is putting renewed downward pressure on crude prices and reduces the likelihood of WTI reaching high price thresholds in November, the Financial Times added. CNBC reported that Russian crude production rebounded after what it described as a Trump diesel deal, citing the IEA. Increased supply from Latin America is also contributing to the shift, the Financial Times noted. OPEC Secretary General Haitham Al Ghais and Saudi Energy Minister Prince Abdulaziz bin Salman may influence future dynamics through potential production adjustments, the Financial Times said. Observers are watching for OPEC+ announcements on December production targets, which could signal further supply increases, according to the Financial Times. Geopolitical developments in the Middle East may also affect market stability and pricing, the Financial Times added.