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Oil at Sea Hits Record High as Middle East Exports Surge

Middle East oil exports fuel record highs at sea. But BP's revised peak oil demand forecast hints at slower growth in demand.

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1 min read
As we can see in the image there is water, boats, buildings, current poles and sky.
As we can see in the image there is water, boats, buildings, current poles and sky.

Oil at Sea Hits Record High as Middle East Exports Surge

Oil at sea has reached record highs, with a significant increase in crude oil exports from the Middle East being a key driver. This surge in supplies has led the International Energy Agency to predict a record surplus in the oil market next year.

Data from Kpler and OilX confirms that oil at sea peaked in mid-2022 and is now at its highest level since April 2023, with around 1.25 billion barrels currently floating. This increase is not only due to the Middle East but also driven by exports from OPEC+, the US, and West Africa. In September alone, the US, Saudi Arabia, and Russia boosted supplies by over 2 million barrels per day.

The rise in oil at sea suggests a significant increase in global supplies. However, not all news is positive for oil producers. BP has shifted its forecasted peak oil demand from 2025 to 2030, indicating a slower growth in demand than previously expected.

The surge in oil at sea, led by Middle East exports, signals a significant rise in global supplies. While this may help meet demand, it also contributes to a predicted record surplus in the oil market next year. Meanwhile, the shift in BP's peak oil demand forecast suggests a slower growth in demand, which could impact future supply strategies.

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