IEA sees gradual Hormuz recovery tipping into significant 2027 surplus

The IEA said the global oil market will recover gradually after a closure of the Strait of Hormuz, but then swing into a significant surplus in 2027. The outlook points to near-term geopolitical supply risk followed by a looser oil balance later in the forecast period. The report is likely to influence crude pricing and energy-market expectations.

Analysis

The IEA said the global oil market will recover gradually after a closure of the Strait of Hormuz, but then swing into a significant surplus in 2027. The outlook points to near-term geopolitical supply risk followed by a looser oil balance later in the forecast period. The report is likely to influence crude pricing and energy-market expectations.