IEA predicts steady oil market recovery
The International Energy Agency expects the global oil market to gradually recover from the effects of the Strait of Hormuz closure, with a significant surplus expected to be surpassed by 2027. The Iran-U.S. agreement is anticipated to lead to a gradual recovery in exports and production in the Gulf, with next year seeing an increase in supply of about 8 million barrels per day, compared to a demand rise of only two million barrels per day. This situation offers an opportunity for the market to fill storage and restore strategic reserves.
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