OPEC Secretary General Haitham Al Ghais has pushed back against forecasts from the International Energy Agency (IEA), which claimed that the global oil market is headed toward a major supply glut, arguing that demand remains strong as the Strait of Hormuz begins reopening following months of disruption caused by the Iran conflict.
In an interview with CNBC on Thursday, al-Ghais criticized the IEA's latest outlook, which projected that oil supply could outpace demand by a wide margin in 2027 if the conflict between Iran and the United States is fully resolved and Middle Eastern exports return to normal levels.
