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The International Energy Agency expects global oil supply to average 105 million barrels a day in the fourth quarter, exceeding forecast demand by 1.7 million barrels a day. Recovering Gulf exports and demand dampened by high oil prices are shifting the market toward a surplus.
After meeting Qatar’s prime minister on November 9, U.S. President Donald Trump said there was “positive momentum” toward ending the conflict with Iran. An Iranian Foreign Ministry spokesperson said the same day that Iran still prioritized diplomacy but would not transfer enriched uranium abroad or compromise its national interests and security.
The Houthis say they carried out four military operations against targets in Saudi Arabia on November 8, including Riyadh’s financial district, its airport and oil facilities. Saudi authorities say two ballistic missiles headed for Riyadh were intercepted. Falling debris caused minor damage to an office building, with no casualties.
