Back in May, Morgan Stanley predicted that the biggest international oil companies were set to see a slump in earnings later this year and in 2026, threatening the pace of buybacks, as a substantial oil market surplus would weigh on prices. The investment bank was by far not the only one predicting that global oil markets would be panting under the weight of all that oil that there is no demand for—almost everyone was predicting it. The reason demand is above expectations is because virtually all forecasters assumed demand for oil was on a downward spiral because of EVs in China and Norway, and it was only a matter of time before the spiral reached its natural end.
Author: Irina Slav
Published at: 2025-07-08 23:00:00
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