IEA: Global oil supply exceeds demand

According to Dow Jones, the International Energy Agency (IEA) said that the United States, Russia and Saudi Arabia, the world's three largest oil producers, were producing crude oil at record levels, leading to a marked surge in global supply over demand.

In its monthly report on the oil market of great concern, the IEA said that the oil produced by the three major oil-producing countries is stabilizing the global crude oil supply, with the global crude oil supply of about 100.7 billion barrels per day in October, an increase of 2.6 million barrels per day over the same period last year. According to the IEA, global crude oil production has increased by 1.8 million barrels per day since May, including 1 million barrels per day in the United States, 620,000 barrels per day in Saudi Arabia and 445,000 barrels per day in Russia. The report shows that Saudi crude oil supply rose to 1.65 million barrels per day in October, while Russian crude oil and condensate production soared to 11.4 million barrels per day. The IEA also said preliminary U.S. data showed that U.S. crude oil production increased sharply in October and may have risen to 11.6 million barrels per day in early November, further consolidating its leading position as the world's largest crude oil producer.