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International Energy Agency warns Washington and Tehran's escalation threatens oil markets' surplus
The International Energy Agency has reported that escalating tensions between the United States and Iran threaten to cancel expectations of a significant surplus in the global oil market for 2027, with supply potentially exceeding demand by 4.62 million barrels per day. In comparison, the shortfall in 2023 is 860,000 barrels per day. The agency indicated that the reopening of the Strait of Hormuz has led to increased supplies, but these remain 9.4 million barrels per day below pre-crisis levels, with expectations of improved shipping activity and a rebound in demand in the future.
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