The International Energy Agency (IEA) is projecting a striking reversal in global oil market fundamentals, moving in the space of a few months from warning about the risks associated with what it described as the largest disruption in oil market history to forecasting a big supply overhang in 2027 if the emerging peace agreement between the US and Iran holds.
IEA: Recovering Gulf Exports Set Stage for Big 2027 Surplus
The agency's first assessment of 2027 points to an oil market facing a whopping surplus of about 5 million b/d next year.
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