"The International Energy Agency warns of an oil surplus in 2026, but OPEC+ predicts a balanced market. The world could be producing more oil than it needs next year. An oversupply usually pushes the price of oil lower. For consumers, that means cheaper transport, shipping and flight costs. Until now, the OPEC+ group appeared to shrug off worries over a glut. It had been unwinding output cuts, putting more barrels on the market to regain share."
"But, with its new forecasts suggesting demand will only match supply, the group is hitting the pause button on extra output for the first quarter of 2026. The Chinese yuan's global role is growing fast. Plus, South Africa's credit rating upgrade."
Global oil supply risks exceeding demand in 2026 according to the International Energy Agency, while OPEC+ projects a balanced market. An anticipated oversupply would normally depress oil prices, lowering costs for transport, shipping and air travel for consumers. OPEC+ previously unwound output cuts and placed additional barrels on the market to regain market share, but updated forecasts showing demand will only match supply prompted the group to pause planned extra output for the first quarter of 2026. The Chinese yuan is rapidly expanding its global role, and South Africa recently secured a credit rating upgrade.
Read at www.aljazeera.com
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