# Oil Market Report - November 2026

> **Open Intelligence Dossier** · First detected: 2026-11-13 13:20 UTC · Category: Business

## Executive Summary
The International Energy Agency says world oil markets have swung back to surplus as Gulf exports recover and Russian output rebounds.

## Intelligence Brief
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.

## Multi-Source Evidence Table
| Source Outlet | Headline | Verification URL |
|---|---|---|
| MarketWatch | Global oil supplies are suddenly flowing. Why a crude glut won’t mean cheaper diesel. | [Source Link](https://news.google.com/rss/articles/CBMiwwFBVV95cUxNcGZIeGVpQTNTU0ZIRXdaWC1ZeFJBQnBNc192Z0pEQW1qeVo1WEotQ2xZVDROSTg0VUpMS19DODBDaGNaWHZuaUhrWk1ESGJYeldzWHdiaVBNemQxZVJ6ZGlYM0c1M0FIZDN3T2JNc3JUclE2TVNYNUZpVEJnaGw0ZmY2d0FkSmZlWGFmY04wc1JXV251cFVaVU1vVEZDUEVXWG1YeEFBSjB3UnFnaW03NXBaYnpNNWE3YkwwOHVLRnJBOGM?oc=5) |
| WSJ | Oil Prices Mixed as Traders Weigh Supply Outlook, Middle East Risks | [Source Link](https://news.google.com/rss/articles/CBMiogFBVV95cUxNeW5aQlBGZXpDT2NwZ25oWl8tV05fYlZlT0ZpR1l4Vm54UUVYYVVTbkpoN1ozdWlPay1LTDZYdDNndExsUDJISER1SkM2U1BzalFRZkRMMkVIUVMyVzM4aTBOUmxPTHF2UVFBVnBuaDlISV90T09PWkJWYmd4RGVKMTNzYUg1cTdnbjdxZmt1Tkg0UjZ2RlY2NlY3QjZwMTRRemc?oc=5) |
| Axios | Oil prices could remain stubbornly high despite recovery of Middle East supply | [Source Link](https://news.google.com/rss/articles/CBMidkFVX3lxTE1hQVZwNWVsQ3Z3TEpBTmZ6S19iSFJFY2FKVHlwaUxrMV9UeHpaMW1rVFNTakhXTDdrOXc4NWZudDJsc1hkeUpVZ0FiZHpMSEhuZm1vV2IzVUJxQTUwM21ZVkFCNHZOaHVWQ2k3emREWEVXZEdEZ0E?oc=5) |
| The Guardian | Global oil supply returns to surplus for first time since start of Iran war, says IEA | [Source Link](https://news.google.com/rss/articles/CBMizgFBVV95cUxQNndNZUdKRnhDVGRkRE85YjZfUG1pUFd5NlVkbjBhbWZaTjZqZlRCU3RmMlBzR1ZjMmJpZi1jX2FvT01wbVc0ZDNaYm9YZUFTZm4wX29QQ3NLN0VpVS1CUjRBVm1GeWlHRk8yb1R4QkMySE5HUjdMUEM3OGVXdU5XM3lORndmX1RwRFdEbkZhalpnVmdONXhJYkR6bUpDZ2xfTXB1MlNuWDNFOGtPSFh0NzF0OWFYSjFBdU1hdVNqQnNSbUdMMi1JZW9vV1UwUQ?oc=5) |
| Financial Times | Global oil markets swing to surplus as Gulf shipments rebound | [Source Link](https://news.google.com/rss/articles/CBMihAFBVV95cUxQZWVlalpISmRrSTJBMVh4YUVzVUdOZWJhTU1jbmZfc0JwMmNpZGllLUNibThMdHFzV0tfT1paVlZsWGJTSUNQcjNYa196SEdvWnRVaEFZWGFmaTlVcUM0Uy14NlRjWFZZdVU0NFB6RnpKMmZXdUFoME1vdXVtUmZGaXUyTGU?oc=5) |
| WSJ | Global Oil Market Set to Return to Surplus as Gulf Exports Recover, IEA Says | [Source Link](https://news.google.com/rss/articles/CBMiwgFBVV95cUxPQVljaDkwUzhILVlYVTR6aFdubUJxUV9xMURUOWpaVkpmejFYcXZCOGUyYUlKZDhMVzJkNF9idTIyOVI4OGtMdWJiMlhVN1VKUV9qX181SUs0azJ6S2wyR2hBY3Q0cU5NaXlXaUZodFJBTFlXRjdtRkVmVGFBWFBhTTlFNWRWaUxtSF9RREF2YUluNkZyVFlybW14RlBPRFFJcFFiN3R6em84MXdKT0w0amJpSDlRbnEyYmExQ3VDVGljdw?oc=5) |
| Reuters | World oil market is returning to surplus as Gulf exports recover, IEA says | [Source Link](https://news.google.com/rss/articles/CBMiuwFBVV95cUxOcWtzQXhRVUlUbWQ0VVloOTVjekFCcC1XQlNXNWNRcERHNDFEbnBNTTFhZjV3Qjk5bGxCaDhoRFE1Yi1mdGNoR3JCVXY5MmQ0ODVnUWRabHowUDhYSUNKOXV5X0lLQzRBbWNabUFMTzVlMzBNOUUyWTgyeUg1cW5sRjJtUHo3TldPOEY4S19xOGwwYjlkemFibktTVTltVF94WUg5ekdJczcyUlBHOHZ0V3EtdWdjU0JOVkY4?oc=5) |
| CNBC | Russian crude production rebounds after Trump diesel deal, IEA says as oil markets return to surplus | [Source Link](https://news.google.com/rss/articles/CBMie0FVX3lxTE1FTGROUTNjUVIyWE5fMEM5UDlnUFJfa0hCeEo0eTIzcHZYYzA0T0xkdmhoVldEb0xSTEJlcGgxV1g1VXBsV0EtTFI3bFp6dnRIM1hoV196T2ZxVlVURGxiVGE1VDJXOXRJSDFpWk94Ti1nemt2akhhQ2pjd9IBgAFBVV95cUxQbUd1Y2VXN0lYSVpRczItNFRpSGVKVmhrSFNuSXF0QUV3anpSSTJycXJuSWRBdm40UnRCekxWTUtPVVBKSWlIcGZ6UldZbXJ1bnJ3SEhJeGFzejN4cndiVU5EOVRFampRN2tBaFFnejZ0dUJyN0l4Z21nV3hqZDNuUw?oc=5) |
| IEA - International Energy Agency | Oil Market Report - November 2026 | [Source Link](https://news.google.com/rss/articles/CBMia0FVX3lxTFBCcjlkUGFSSXRUNklHMVJrTmNYV3NtX1gzMUJ5cjlwOVI4ZzZtWE0yVmdxU1VxYmJfcEJrcDNRNkxqbS1pcWs0R0VaelUxWncwR2pMQ3FpQVRsb0U2RDhyQlBIcEVKZFFhNVRv?oc=5) |

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*Canonical Source: https://pulse.byoaiapps.com/trend/2026-11-13/oil-market-report-november-2026*