The global crude oil market has shifted from a supply deficit to a surplus, the Organization of the Petroleum Exporting Countries (OPEC) said in its latest monthly oil market report on Wednesday.

According to the report, crude oil production from OPEC member countries and major non-OPEC oil-producing countries reached 43.02 million barrels per day in October, a decrease of 73,000 barrels from September.

Due to factors such as higher-than-expected growth in U.S. crude oil production, the global crude oil market has shifted from a daily shortage of 400,000 barrels to a daily surplus of 500,000 barrels, it said.

The International Energy Agency (IEA) projected that the global crude oil inventories will continue to rise in the coming period, with a potential record surplus of up to 4 million barrels per day in 2026. This will exert significant downward pressure on oil prices in the medium to long term, the IEA said.