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

Odaily Planet Daily News The U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, mentioning 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 transit volume through the strait, we have raised our expectations for global oil production for the remainder of this year. We now expect that most crude oil production will return to near pre-conflict average levels by the end of this year, and that most of the shut-in crude oil production will come back online by the first quarter of 2027 (Q1 2027). (Jinshi)