00:00The International Energy Agency has warned that renewed hostilities between the United States and Iran
00:07could derail its forecast of a global oil surplus next year.
00:11The agency said global oil supply rebounded in June after the Strait of Hormuz reopened,
00:17though exports remained well below pre-war levels.
00:21Global supply rose by 4.1 million barrels a day last month,
00:26but was still 9.4 million barrels a day below levels recorded before the conflict.
00:32Looking ahead, the IEA expects supply to expand by 7.5 million barrels a day next year,
00:39provided shipping through the Strait of Hormuz continues to recover.
00:43Under that scenario, global oil supply would outpace demand by more than 4.6 million barrels a day in 2017,
00:51reversing this year's supply deficit.
00:54Last month's ceasefire allowed shipping through the Strait of Hormuz to resume,
00:59helping restore global oil flows.
01:01But tensions have since re-escalated,
01:03with renewed attacks by the US and Iran raising fresh concerns over shipping through the waterway.
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