Global Oil Market: Oversupply & Weak Demand in 2026
Update: 2025-11-13
Description
Oil Market Overwhelmed: US Oversupply, Global Weak DemandThe global oil market is grappling with oversupply, particularly in the Americas and the US. The West Texas Intermediate price curve shows immediate oil being cheaper than future deliveries, indicating weak demand. Brent crude, the global benchmark, also shows weak demand with a flatter price curve after March. North Sea oil markets are particularly weak, with Brent oil selling at a discount. Market experts predict a significant surplus next year, with OPEC and the International Energy Agency anticipating a record surplus in 2026. Vandana Hari of Vanda Insights expects a slight surplus through the next quarter, with future oil prices slightly higher than immediate prices.
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