The International Energy Agency (IEA) predicted in its monthly report on Wednesday that the global oil market would gradually recover from the repercussions of the Strait of Hormuz closure, moving towards a significant surplus by 2027. The agency, which advises
industrial nations, indicated that should existing agreements hold, oil exports and production from the Gulf region are expected to witness a gradual restoration of activity, especially with the full resumption of Iranian oil exports once the US embargo is lifted.
