Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow.

The Baltic Exchange’s TD3C Index, which reflects rates for VLCCs on the Middle-East-to-Asia route, dropped to so-called Worldscale 39.05 on Dec. 13.

Exxon Mobil will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources increases its oil production plans, threatening to worsen an expected crude glut.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

The U.S. reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit.

Chevron plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Donald Trump faces an uphill battle to ramp up energy output.

FRANKFURT, Germany — Eight members of OPEC+ decided Dec. 5 to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries.

With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Donald Trump presidency imminent.

OPEC+ is making progress toward an agreement to delay its oil-production revival by another three months, delegates said.

OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said.