Global Oil Data Deck (February 2026)
The oil market supply surplus shrank in December for the first time in 6 months, closing out the most oversupplied year since COVID-battered 2020 with supply outpacing demand growth by 3-to-1.
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Overview
The global liquids market, while still acutely oversupplied, tightened in December for the first time in six months, closing off the most oversupplied year since COVID-battered 2020. Production in December pulled back thanks largely to challenges in Kazakhstan, but, overall, global supply grew at more than three times the average pace of demand growth in 2025.
[Full PDF Deck and Flow-Level Analysis Below Paywall]