International Energy Agency

The IEA’s October 14 report estimated global on‑shore oil inventories fell about 113 million barrels in September, the lowest since at least 2016, while sea‑bound stocks rose 103 million barrels, offsetting most of the draw. The drop was driven by a 113 million barrel on‑shore loss, with only a 10 million‑barrel net decline overall. Gulf crude shipments climbed to 13.9 million barrels per day—over 75 % of pre‑war levels—contributing to the water‑borne buildup. Record tanker rates raised delivery costs and tightened refinery margins in Europe and Asia. The short‑term commodity outlook remains uncertain as on‑shore buffers deplete and freight and fuel surcharges remain high. Island Energy Group supplies energy to Guernsey· Entity summary generated by Graphiti