BAKU, Azerbaijan, July 10, The International Energy Agency (IEA) has warned that the latest escalation between the United States and Iran could undermine its forecast of a significant oil market surplus in 2027.
The agency had previously projected a major increase in global oil supplies that could create a surplus in the market. However, the recent rise in tensions and the potential impact on energy flows have forced the IEA to reconsider its expectations.
The organisation said prolonged instability in the Middle East could affect oil production, exports and global supply chains, creating new pressure on energy markets.
The warning comes as concerns grow over the security of key energy routes, including the Strait of Hormuz, which remains one of the world’s most important oil transit corridors.
