Overview
- Brent is down nearly 18% for the year, with WTI trading below $58 late in December.
- OPEC+ paused further output hikes for the first quarter of 2026 after adding about 2.9 million barrels per day since April.
- Forecasts point to supply outpacing demand in 2026, with the IEA near a 3.84 million bpd surplus and Goldman Sachs around 2 million bpd.
- The American Petroleum Institute reports a 1.7 million‑barrel U.S. crude build in the latest week, awaiting confirmation from official data.
- Market strategists say fresh OPEC+ cuts would likely occur only if prices slide into the low $50s per barrel.