EIA: Most crude oil production expected to recover to pre-war levels by end of this year

Odaily Planet Daily News The U.S. Energy Information Administration (EIA) released its short-term energy outlook report, stating that on June 18, the U.S. and Iran signed a memorandum of understanding to end the conflict and reopen the Strait of Hormuz. Following the signing of the agreement and increased passage through the strait, we have raised our expectations for global oil production for the remainder of the year. We now expect most crude oil production to recover to near pre-conflict average levels by the end of this year, with the majority of shut-in crude oil production coming back online by the first quarter of 2027 (Q1 2027). (Jin Shi)