Energy Agency predicts oil market rebound
The International Energy Agency forecasted that the global oil market would experience a significant surplus in 2027, following its gradual recovery from the closure of the Strait of Hormuz caused by the Iran-U.S. conflict, which led to a halt in the production of more than 14 million barrels per day in the Middle East. Global supply is expected to increase by approximately 8 million barrels per day, with demand rising by two million barrels, potentially allowing the market to replenish inventories despite ongoing supply chain challenges.
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