European Diesel Stays 77% Above Pre-War Levels as Global Oil Supply Tops Demand

3 articles · Updated · Euronews · Nov 13

European diesel prices remained 77% above pre-war levels even after falling 11% since early October to nearly $180 a barrel, the IEA said.
Global oil supply rose to 105.4 million barrels per day after gains of 3 million bpd in September and 2.3 million in October, putting supply above demand for the first time since the Iran war began.
Diesel shortages are still the market's main concern because attacks on Russian energy infrastructure are disrupting exports and Middle East losses persist; the IEA urged faster releases of emergency diesel stocks.
Gulf oil exports excluding Oman recovered to 18.4 million bpd in October, still 26% below pre-war levels, while refined products and LPG remained around half their former levels.
The IEA expects a fourth-quarter oil surplus and a 2.7 million bpd drop in 2026 demand to 102.3 million, though shipping attacks could still derail the recovery.