EIA: Middle East Oil Output to Stay 600,000 Bpd Offline Until End-2027

The U.S. Energy Information Administration (EIA) projects 600,000 barrels per day of Middle East oil production will remain shut in through the end of next year. This is attributed to the longer-than-expected closure of the Strait of Hormuz, stemming from renewed regional tensions that began in late July. The EIA has consequently hiked its third-quarter oil price forecasts due to anticipated lower supply. This sustained supply constraint could support crude oil prices, potentially contributing to global inflationary pressures and weakening the Pakistani Rupee while bolstering safe-haven demand for gold.

بحوالہ / Source: oilprice.com