The International Energy Agency (IEA) said the global oil market is expected to recover gradually from the effects of the closure of the Strait of Hormuz, forecasting a rebound in oil exports and production in the Gulf region if the agreement between the United States and Iran holds.
In its monthly report, the agency added that the resumption of Iranian exports and the lifting of restrictions on Iranian ports would contribute to stabilizing supply, before the market moves into a significant surplus by 2027.
It noted that oil inventories in Organization for Economic Co-operation and Development (OECD) countries have fallen to their lowest level since 1990, as a result of supply disruptions during the war and the closure of the strait.
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