IEA sees oil surplus in 2027 after Hormuz reopening

The oil market will fall into a significant supply overhang in 2027, the IEA said, after recovering from the Strait of Hormuz closure, which at its peak blocked more than 14 million barrels per day of Middle East output during the Iran war. #News #Reuters #Newsfeed #oil #energy #straitofhormuz #oilsurplus #oilsupply Read the story here: 👉 Subscribe: Keep up with the latest news from around the world: Follow Reuters on…

https://fllics.com/en/video/iea-sees-oil-surplus-in-2027-after-hormuz-reopening/

The world is likely to have a major surplus of #oil by 2030 as production is ramped up while the #CleanEnergyTransition tempers demand.

The forecast comes days after the #OPEC+ group of major crude producers signalled they would start to unwind output cuts this autumn in a bid to support prices against fears of weakening worldwide demand.

World will amass 'major' #OilSurplus by 2030: #IEA
https://www.france24.com/en/live-news/20240612-world-will-amass-major-oil-surplus-by-2030-iea