Global oil markets may be pricing a faster recovery in war-damaged refining capacity than physical repair timelines support, with significant disruptions potentially extending into late 2027, according to new analysis from Enverus Intelligence Research (EIR). EIR estimates approximately 7 MMbpd of Middle Eastern and Russian refining capacity is currently damaged or constrained as wars in […]
Global oil markets could remain physically tight for months even if a diplomatic resolution to the Iran war is reached soon, according to Kojo Orgle, oil, gas and NGL analyst at ICIS, who said prolonged disruptions tied to the Strait of Hormuz are increasingly pressuring inventories, shipping flows and refinery supply chains.
Oil inventories will accumulate at a rate of 2.96 million bpd, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed. World oil demand this year and next is growing at less than half the pace seen in 2023.