Global oil exports are showing record growth, driven by increased supplies from both OPEC member countries and other producing nations. The volumes of oil on maritime tankers have reached their highest level in the past two years, indicating a strengthening global surplus in the oil market.
This is reported by Finway
Record Oil Volumes on Global Tankers
According to the analytical company Vortexa, as of October, approximately 1.25 billion barrels of oil are at sea. This is the highest figure since April 2023. Other leading analytical firms, such as Kpler and OilX, also note an increase in maritime oil transport volumes to the highest levels since last summer.
The trend of increasing oil transportation volumes is expected to continue, particularly in the fourth quarter of this year and the first quarter of 2026. According to forecasts from the International Energy Agency, this could lead to a record surplus in the oil market next year.
Impact of Major Exporters and Price Dynamics
In September, maritime oil shipments surged sharply. The primary impact came from the United States, Saudi Arabia, and Russia, which increased their export volumes. Together with other countries, this led to a rise in global supplies by more than 2 million barrels per day.
“We are witnessing global oil exports at their highest level in over five years. Ultimately, this is likely to lead to an increase in inventories in the coming months.”
Meanwhile, the market is experiencing price volatility. At the beginning of October, oil prices were rising; however, by the end of the week, there was the largest drop in value in the last three and a half months. During the week, the price of Brent crude fell by 8%, while WTI dropped by 7.4%. The reason is the expectation of further production increases among OPEC+ countries and rising global inventories of crude oil.