OPEC rejects the IEA forecast regarding the oil surplus in 2027

Haitham al-Ghais, the Secretary General of OPEC, rejected the estimates of the International Energy Agency (IEA) that predict a significant oil surplus in 2027, emphasizing that these forecasts are not based on real data.

The statements were made in the context of the reopening of the Strait of Hormuz, following a preliminary agreement between the United States and Iran. Al-Ghais criticized the IEA report, which suggests an increase in global oil supply by 8 million barrels per day, while demand would advance by only 2 million barrels per day. He warned that such estimates could generate volatility in energy markets.

The agreement between the US and Iran provides for the continuation of negotiations for a final agreement and the removal of American sanctions, and Iran will allow commercial vessels to pass through the Strait of Hormuz without fees for 60 days. Al-Ghais emphasized the importance of this maritime route for the entire global energy market, considering that approximately 20% of the world's oil consumption passes through it.