Recoveries and Challenges in the Global Oil Market
June 18, 2026
The oil market is gradually recovering following the reopening of the Strait of Hormuz, after a US-Iran agreement. Oil exports from the Middle East are increasing, reaching around 12 million barrels per day. However, there are challenges to fully restoring flows due to political and operational constraints. Global oil demand is expected to drop in 2026, with a gradual recovery anticipated in 2027. The IEA forecasts a surplus of over 5 million barrels per day by 2027.