15 Hrs
Source:
Sky News
Energy agency predicts oil supply recovery post-war
The International Energy Agency has forecasted that the global oil market will gradually recover from the repercussions of the Strait of Hormuz closure, with the possibility of a surplus in supply reaching 8 million barrels per day by 2027, due to increased production that will outpace demand growth. The report indicates that the agreement between the United States and Iran to reopen the strait could accelerate the market’s rebalancing, especially if tensions continue to ease. Additionally, oil exports from the Gulf region are expected to improve gradually, with the full resumption of Iranian oil exports possible after the lifting of sanctions. These forecasts come amid significant disruptions in oil markets over recent months, which prompted many countries to draw from their reserves, with the surplus providing the market with a period of stability and the potential to build new strategic reserves.
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