The U.S. Department of Energy expects oil shipments through the Strait of Hormuz will not return to pre-conflict levels by 2027
¬ U.S. Energy Department: Oil daily production in Middle East countries dropped by 11 million barrels in May
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According to the U.S. Energy Information Administration (EIA)’s monthly short-term data, the U.S. Department of Energy anticipates that oil transportation volumes through the Strait of Hormuz will not recover to pre-conflict levels before early 2027.
The statement said: "We expect that transportation volumes through the Strait of Hormuz will not return to pre-conflict levels before early 2027."
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The U.S. Department of Energy’s Energy Information Administration estimates that oil daily production in Middle East countries decreased by 11 million barrels in May compared to February, prior to the outbreak of regional conflict.
The U.S. Department of Energy’s Energy Information Administration stated in its monthly short-term forecast: "The global oil market remains extremely unstable; due to highly limited shipping through the Strait of Hormuz, Middle East oil-producing countries saw crude oil daily output in May fall by more than 11 million barrels below pre-conflict levels."
The U.S. Department of Energy’s Energy Information Administration pointed out that this production cut has led to a significant decline in global inventories, with expected average daily reductions of 6.3 million barrels.
Source: sputniknews
Original: toutiao.com/article/1867552833474560/
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