The U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which noted that the United States and Iran signed a memorandum of understanding on June 18 to end the conflict and reopen the Strait of Hormuz.
With the agreement signed and increased traffic through the Strait, we have raised our forecast for global oil production for the remainder of this year.We now expect most crude oil output to recover to near pre-conflict average levels by the end of this year, and the majority of the previously shut-in crude oil production is expected to resume operations in Q1 2027 (first quarter of 2027). (Jin10)[Odaily]