finance
IEA Forecasts 5 Million Barrel Daily Oil Surplus in 2027
The International Energy Agency projected a global oil surplus exceeding 5 million barrels per day in 2027. The forecast assumes recovery of Middle East production following the U.S.-Iran peace agreement and reopening of the Strait of Hormuz.
Jun 17, 1:30 PM·1m read1 source
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-Iran peace agreement. In its first outlook for 2027, the Paris-based agency forecast global oil supply growth of 8 million barrels per day against demand growth of 2 million barrels per day. The resulting surplus would mark a shift from months of war-driven shortages.
The outlook assumes gradual recovery in Gulf oil production and exports after the Strait of Hormuz reopens and restrictions on Iranian oil exports are lifted. U.S. blockade is lifted," the IEA said. The agency described the projected surplus as a reversal from one of the largest supply disruptions in recent history.
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