Meanwhile, the Wall Street Journal writes that OPEC’s strategy of returning supply to the market could tip that market into a surplus of some 1 million barrels daily, set to grow to 1.5 million barrels daily in 2026, according to Goldman Sachs—bar a new war in the Middle East, of course. It’s peak oil all over again but this time the reference point is 2018 instead of 2019—which production was never going to return to as well, according to none other than BP’s former CEO who embraced the energy transition. It would be nice to have less competition from the U.S. shale patch but it would be even nicer to grab a bigger market share with a view to long-term demand coverage—which is why OPEC is not actively trying to really tank prices.
Author: Irina Slav
Published at: 2025-06-15 21:00:00
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