Post #79336 by Steve203 on the US Policy board

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OPEC chief dismisses IEA supply glut forecast as ‘critical’ Strait of Hormuz reopens

The International Energy Agency said on Wednesday that a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year.

Its report said supply is expected to surge by 8 million barrels per day while demand rises by 2 million barrels per day in 2027.

But OPEC’s al-Ghais rejected the forecast in an exclusive interview with CNBC on Thursday.

He told CNBC’s Dan Murphy that “sometimes it’s best not to make such assumptions when they are not really based on facts and figures.”

“What does the IEA see that OPEC and the rest don’t see?” he said. ”[We focus] on fundamentals and not putting many ifs and buts in our forecasts, but rather focusing on actual numbers.”

https://www.cnbc.com/2026/06/18/opec-iea-supply-gl...

Prior to the war, there was a surplus in the market of some 2-3Mbpd. The war fixed that, to the great profit of MBS, Putin, and USian big oil. Trump the Most Perfect is hinting at reimposing sanctions on Russian oil, but that is not nearly enough to compensate for Hormuz being open, and sanctions on Iran being removed. Where else can he disrupt supply?

US President Donald Trump on Tuesday said Washington would soon be in a position to reimpose sanctions on Russian oil shipments after crude flows resumed through the Strait of Hormuz following a deal with Iran to end the Middle East conflict.

https://timesofindia.indiatimes.com/business/inter...

Steve

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