One thing will have become extremely clear to Saudi Arabia’s Crown Prince Mohammed bin Salman in the lead-up to Donald Trump beginning his second stint as U.S. President.
Crude prices were volatile and came under pressure as the market reacted to the latest developments in U.S. trade policy. Although the tariffs the Trump administration threatened to apply on Colombia were short-lived, similar trade actions could cause ripples across global markets.
Africa’s biggest crude producer Nigeria has emerged from a years-long output slump due to improved security, creating a quandary for the government.
Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow, the U.S. government said in its first set of forecasts for next year.
Iran’s output, which hit the highest since 2018 last year despite U.S. sanctions, fell by 70,000 bpd, the survey found. It may soon be curbed by tighter sanctions from the administration of incoming U.S. President Donald Trump, Goldman Sachs and other analysts have forecast.
The OPEC+ group is wary that coming deregulation in the U.S. energy sector could boost U.S. oil production higher than forecast under incoming President Donald Trump, OPEC+ delegates have told Reuters.
Central Asia’s largest producer said in August that it was targeting 97.2 million metric tons of oil production in 2025. Since that figure was announced, there has been a major shift in OPEC+ production policy that will see members’ output curtailed for much longer than expected
The United Arab Emirates, a key member of OPEC+, will reduce oil shipments early next year as the alliance seeks stronger discipline in meeting production targets to shore up prices.
OPEC+’s decision to delay a rollback of production cuts agreed last year has rekindled trader interest in the commodity with a view to a tighter supply picture in 2025.
For 2025, global oil demand growth was also revised down slightly by 90,000 bpd from the previous month’s assessment to 1.4 million bpd year-over-year, driven by 100,000 bpd growth in OECD oil demand and 1.3 million bpd growth among non-OECD countries.