EIA: Most crude oil production will return to pre war levels by the end of this year

The US Energy Information Administration (EIA) released a short-term energy outlook report stating that on June 18th, the United States and Iran signed a memorandum of understanding to end the conflict and open the Strait of Hormuz. With the signing of the agreement and increased passage through the strait, the US Energy Information Administration (EIA) has raised its expectations for global oil production for the remainder of this year. It is expected that most crude oil production will return to near pre conflict average levels by the end of this year, and most of the shut down crude oil production will resume production in the first quarter of 2027.