Oil Super Glut Expected by 2026

Super Glut of Oil Expected by 2026: Trafigura Predicts Major Shift in Energy MarketsTrafigura, a leading commodities trading company, warns of a significant super glut of oil by 2026, as new production comes online and global demand slows. This oversupply could drive oil prices lower, with Brent crude and West Texas Intermediate crude both experiencing double-digit percentage drops year-to-date. Factors like tighter sanctions, reduced production, and slower consumer demand could exacerbate the situation, aligning with the International Energy Agencys forecast of a three million barrel per day surge in oil supply by 2026.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.