09.12.2025, 18:25
A "superabundance" was predicted for the global oil market
Source: OREANDA-NEWS
OREANDA-NEWS In 2026, the global oil market will have a superabundance. This prediction was shared by analysts at global commodity trader Trafigura, Bloomberg reports.
According to the International Energy Agency (IEA), in 2026, the market is expected to have a record surplus of more than four million barrels per day, about four percent of global consumption. The final result is likely to be lower, but analysts and traders still expect a significant oversupply.
"Whether it's oversupply or oversupply, there's no getting away from it," predicted Saad Rahim, chief economist at Trafigura.
The reason for this oversupply of raw materials was the commissioning of large oil projects planned many years ago, amid a slowdown in global demand. According to Rahim, sustained high volumes of purchases from importers, especially China, as well as adjusted supply plans from the United States and OPEC+ countries may delay or mitigate the effects of oversupply.
As Bloomberg previously reported, in November, Russia's crude oil production was well below the quota set by OPEC+. The average daily oil production in Russia reached 9.43 million barrels. This is more than 100,000 barrels per day less than the target for November. The dynamics are explained by the difficulties that Moscow has to overcome in finding buyers for its oil, which is under sanctions.
According to the International Energy Agency (IEA), in 2026, the market is expected to have a record surplus of more than four million barrels per day, about four percent of global consumption. The final result is likely to be lower, but analysts and traders still expect a significant oversupply.
"Whether it's oversupply or oversupply, there's no getting away from it," predicted Saad Rahim, chief economist at Trafigura.
The reason for this oversupply of raw materials was the commissioning of large oil projects planned many years ago, amid a slowdown in global demand. According to Rahim, sustained high volumes of purchases from importers, especially China, as well as adjusted supply plans from the United States and OPEC+ countries may delay or mitigate the effects of oversupply.
As Bloomberg previously reported, in November, Russia's crude oil production was well below the quota set by OPEC+. The average daily oil production in Russia reached 9.43 million barrels. This is more than 100,000 barrels per day less than the target for November. The dynamics are explained by the difficulties that Moscow has to overcome in finding buyers for its oil, which is under sanctions.
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