Next Article
Global oil supply could exceed demand by 4 million barrels/day
Business
Oil prices have taken a noticeable dip this October, with too much oil being produced and the US-China trade spat making things worse.
The International Energy Agency (IEA) says we could see supply outstrip demand by nearly four million barrels a day in 2026, mostly because OPEC+ and others keep pumping more even though people aren't buying as much.
US-China trade tensions add pressure
The ongoing US-China trade tensions are adding extra pressure, while global oil inventories are set to grow further.
Rising inventories mean more oil sitting in storage, which puts downward pressure on prices.
Brent crude to average $58 per barrel next year
Right now, Brent crude and US West Texas Intermediate are both at five-month lows.
If you're watching fuel costs or global trends, it's worth keeping an eye on these shifts.