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IEA sees 2027 oil glut after Hormuz recovery
LONDON: The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The US has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the US lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history. The war is estimated to have blocked more than 14 million barrels per day of Middle East oil output, according to the IEA.
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thehindubusinessline.com
Oil supply recovery may take months despite Strait of Hormuz reopening
Experts warn oil and fuel prices may remain high as restoring production, shipping and confidence after Strait of Hormuz disruption could take months.
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mirror.co.uk
Oil prices fall after US-Iran peace deal as Strait of Hormuz to reopen
The landmark US-Iran peace deal will see the Strait of Hormuz reopened within 30 days, allowing roughly 20 per cent of the world's oil and gas supplies to flow freely again
