The Feared Global Oil Glut Is Not Here, Yet

Global crude oil exports continue to hold strong and above the latest ten-year seasonal average. Demand, however, is also holding strong this summer, absorbing an increase in South American supply led by Brazil and Guyana, and production hikes in the Middle East as OPEC+ continues to ease output cuts. As a result, the market appears balanced near the end of the peak summer consumption period in the northern hemisphere. But fears are that oversupply will materialize in the fourth quarter to depress prices, once peak demand season and the unwinding…