The United States expects global oil surpluses to exceed its previous forecasts for 2025 and 2026, driven by continued production growth in the U.S. and non-OPEC countries, along with estimates suggesting that sanctions will not significantly affect Russia's production.
The U.S. Energy Information Administration reported yesterday that global oil markets will see a surplus averaging 1 million barrels per day in 2026, compared to its previous forecast of 800,000 barrels per day in last month's report. This figure is double the surplus the agency expects for this year, which has also been revised upward from previous estimates
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