Oil supply rose 4.1 million bpd in June
The global oil supply increased by 4.1 million barrels per day in June as flows through Hormuz resumed.
This increase comes as the world oil supply remains 9.4 million barrels per day behind pre-war levels.
The oil market deficit in 2026 is forecast to be 860,000 barrels per day, an improvement from the previous estimate of 920,000 barrels per day.
For 2027, the outlook remains highly dependent on developments in the Strait of Hormuz, with potential supply growth of 7.5 million barrels per day and demand growth of 2 million barrels per day.