Major oil surplus looms for 2027 with Hormuz recovery: IEA

AI Summary

The International Energy Agency forecasts a major oil supply surplus by 2027 due to recovery at the Strait of Hormuz, following prior disruptions. This development could reshape global energy markets with implications for supply-demand balance.

The oil market is expected to enter a substantial supply surplus in 2027 after rebounding from the closure of the Strait of Hormuz, the International Energy Agency (IEA) said in it...