Oil and gas industry expected surplus – but war brought shortage instead

Any work to ease current shortages and price hikes while the Strait of Hormuz remains closed will take years and billions of dollars.

By: John Patrick Schoeneman Jr., Oklahoma State University, The Conversation

Outlets: The Conversation

Published: September 29, 2026

Words: 1,503

Last Updated: 2 weeks, 5 days ago

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By John Patrick Schoeneman Jr., Oklahoma State University

In 2023, the International Energy Agency predicted that by 2028 the world’s oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract investment for new wells and refineries.

No forecast anticipated that the Strait of Hormuz, the main route for Middle Eastern oil to reach global markets, …

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