Oil markets to extend slump in 2026

Oil outlook - 2026

Oil demand growth is set to slow in line with moderate global economic activity in 2026.
OPEC+ has unwound substantial production restraint and along with supply increases from non-OPEC+ producers, supply will overwhelm demand in 2026.
Global inventories are forecast to build at a faster pace than during the Covid-19 pandemic, helping the market to absorb exogenous shocks.
Prices will decline for a fourth year in a row with Brent at an average of USD 60/b and WTI at USD 55/b.