EIA: Most Crude Oil Production Expected to Return to Pre-Conflict Levels by End of This Year

Odaily Odaily reported that the U.S. Energy Information Administration (EIA) released a Short-Term Energy Outlook report, which mentioned that on June 18, the United States and Iran signed a memorandum of understanding to end the conflict and reopen the Strait of Hormuz. With the signing of the agreement and the increase in Strait transits, we have raised our expectations for global oil production for the remainder of the year. We now expect most crude oil production to return to near pre-conflict average levels by the end of this year, with most of the shut-in crude oil production coming back online by the first quarter of 2027 (Q1 2027). (Jin Shi)