Consequently, global oil supply is projected to fall by 4.3 million bpd this year, dropping to 102 million bpd. Meanwhile, the IEA expects global supply to bounce back in 2027, growing by 8.3 million bpd to reach 110.3 million bpd. According to IEA estimates, global oil supplies rose by 2.4 million bpd in July to 101.5 million bpd, as Gulf countries continued to restore oil production. Total volumes transported through the Strait of Hormuz and alternative routes fell by 2.1 million bpd to 15 million bpd. Despite the partial resumption of production, total supplies from Persian Gulf countries in July stood at 23.9 million bpd, remaining 8.3 million bpd below pre-conflict levels.