Symbolic depiction of Russia Ukraine peace signals influencing energy markets
Oversupply Signals Strengthen
Fresh projections from the International Energy Agency indicated that global oil supply is expected to outpace demand by 3.84 million barrels per day next year, a volume equal to nearly 4 percent of global consumption. The report underscored the scale of the imbalance looming over energy markets.
In contrast, newly published OPEC data outlined a different outlook, suggesting that supply and demand could align closely by 2026.
Analyst Janiv Shah of Rystad Energy noted that some supportive factors persist, citing
escalating tensions between the U.S. and Venezuela and Ukrainian drone strikes on a Russian drilling platform in the Caspian Sea
.
U.S. Venezuela Tensions Add Complexity
The United States is preparing to intercept additional Venezuela bound oil shipments following the seizure of a tanker earlier this week, according to six sources familiar with the matter. This move signals heightened scrutiny over flows of Venezuelan crude.
Illustration highlighting intensified U.S. Venezuela oil shipment tensions
Meanwhile, Russia’s seaborne oil product exports in November dipped only 0.8 percent compared with October. Completion of refinery maintenance helped offset lower fuel shipments from southern export routes including the Black Sea and the Sea of Azov, according to industry sources and Reuters calculations.
