
Oil in the supply chain now close to seasonal highs
The significant increase in global oil exports in September marks a new chapter: can demand keep pace with growing supplies?

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The significant increase in global oil exports in September marks a new chapter: can demand keep pace with growing supplies?
Iran’s shadow fleet has matured, sustaining 1.3–1.6 mbd exports despite UN snapback sanctions, with faster, more efficient STS operations to China.
As Russia diesel exports remain constrained, and the January EU ban on Russia-derived products adds uncertainty, alternative supplies will have to kick in.