The global oil market will gradually return to normal after the reopening of the Strait of Hormuz, the International Energy Agency (IEA) said. But it forecast that, over the longer term, rising supply could turn the market into a significant surplus by 2027.
In its latest monthly oil market report, the IEA said the reopening of Iran’s Strait of Hormuz and the lifting of the U.S. naval blockade had paved the way to overcome a major oil supply crisis. During the crisis, the production and supply of more than 14 million barrels of oil a day had been disrupted.
In the report, the IEA noted that if the agreement holds, oil production and exports from the Gulf region will increase gradually. In particular, the lifting of the U.S. blockade will create an opportunity for Iran to fully resume its oil exports.
According to the agency, oil transport through the Strait of Hormuz regained significant momentum at the start of June. With increased ship-to-ship oil transfers in the Gulf of Oman, oil flows — which had fallen to 9.6 million barrels a day in May — have risen to about 12 million barrels a day.
The IEA cautioned, however, that it would take some more time for oil supply to return fully to normal. Full-capacity operations would not be possible, it said, until the clearance of mines from the main shipping lanes and the restoration of damaged supply chains were complete.
According to the agency, if these challenges are overcome, stability will return to the global oil market and the supply situation will improve gradually.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report