OPEC chief dismisses IEA supply glut forecast as 'critical' Strait of Hormuz reopens

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The IEA forecasted a supply glut triggered by a lasting resolution to the Middle East conflict potentially increasing oil supply volumes next year. However, OPEC's chief dismissed this forecast as critical while the Strait of Hormuz reopened, signaling ongoing supply concerns in global energy markets.

The IEA said on Wednesday that a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year.