Will a global oil glut push prices lower in 2026?

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.

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