IEA Sees Massive Oil Surplus In 2027 As Middle East Supply Returns

The global oil market could swing from one of the largest supply disruptions in history to a surplus of more than 5 million barrels per day next year if Middle East production and exports recover following the U.S.-Iran peace agreement, the International Energy Agency (IEA) said on Wednesday, as reported by Reuters. In its first outlook for 2027, the Paris-based agency forecast global oil supply growth of 8 million barrels per day, far outpacing projected demand growth of just 2 million bpd. The result would be a supply surplus of roughly 5 million…