Read our new report Oil trends for 2026, analysing how global demand and supply dynamics are likely to shape prices in 2026. The report explores downside and upside scenarios, including the impact of a sharper economic slowdown or renewed geopolitical disruptions, and what this could mean for oil-exporting and oil-importing economies.

Key points
  • Global oil demand–supply dynamics remain imbalanced heading into 2026, with steady demand growth led by non-OECD economies but a faster rise in supply from major non-OPEC producers.
  • The price outlook for 2026 is thus broadly bearish, with Brent crude potentially averaging the year in the $55-$65/bbl range, with oversupply being the dominant risk.

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