OPEC Flips Third-Quarter Oil Market View to Surplus on US Growth

OPEC flipped estimates for global oil markets in the third quarter from a deficit to a surplus, as US production exceeded expectations while the group itself ramped up supplies.

World oil output exceeded demand by 500,000 barrels a day during the period, the Organization of the Petroleum Exporting Countries said in its latest monthly report, compared with a 400,000-barrel shortfall estimated a month ago.