The International Energy Agency (IEA) forecasts that a gradual recovery in the Strait of Hormuz will lead to a significant oil surplus by 2027. This was reported by Qazaqyia.kz citing Reuters.
According to the IEA report, the global oil market could face a significant supply surplus by 2027 as shipments through the Strait of Hormuz gradually recover. The forecast is contained in the agency's latest analysis.