IEA Sees Recovery in Gulf Oil Supplies Delayed Until 2027

The International Energy Agency says normal Gulf oil flows are unlikely to return until 2027, after prolonged disruptions in the Middle East reduced production, exports and refinery activity. The agency expects global oil supply to fall by 5.7 million barrels per day in 2026, while more than 10 million barrels per day of Gulf production remained shut in August. Supply is forecast to rebound by eight million barrels per day next year, but shrinking inventories and fuel prices could deepen.