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EIA: Once oil flows are reestablished through Strait of Hormuz, global oil production will continue to outpace consumption
EIA: ONCE OIL FLOWS ARE REESTABLISHED THROUGH STRAIT OF HORMUZ, GLOBAL OIL PRODUCTION WILL CONTINUE TO OUTPACE CONSUMPTION ...
— MarketNewsFeed (@MarketNews_Feed) March 10, 2026
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Short-Term Energy Outlook March 2026
The Brent crude oil spot price has risen sharply following the onset of military action in the Middle East. Brent settled at $94 per barrel (b) on March 9, up about 50% from the beginning of the year and the highest since September 2023. Crude oil prices have risen as petroleum shipments through the Strait of Hormuz have fallen, and some Middle East oil production has been shut in. • Middle East oil production. We make the assumption in our modeling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East to fall further in the coming weeks. We assume this shut-in production ... (full story)
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