New Delhi, Nov. 13 -- The global oil market is expected to return to a surplus in the fourth quarter of 2026, with a larger surplus anticipated in 2027 as production recovers faster than demand, according to the International Energy Agency's (IEA) November Oil Market Report.

The report highlighted that global oil supplies have surpassed demand for the first time since the outbreak of the war in Iran, signalling a gradual rebalancing of international oil markets.

"Our November supply and demand balances suggest that the global oil market will return to a surplus in 4Q26, with a more substantial build in 2027," the IEA stated.

According to the report, global oil demand is projected to decline by 2.7 million barrels per day (mb/d) in 2026...