Oil’s global glut threatens to drag prices lower in ‘tricky year’ ahead

Supply is back in the driver’s seat for global oil markets. At issue is rising crude production from non-OPEC+ nations including the US, which could outstrip global demand that’s still growing but at a slower pace. The oil cartel’s response has been to pledge deeper output cuts, but traders are sceptical they’ll be sufficiently implemented to fully eliminate a surplus. OPEC’s meeting has already been delayed from November 26 Credit: Bloomberg The combination has already pushed crude to its first annual decline since 2020, upending expectations of higher prices stemming from a post-pandemic recovery. Complicating the picture further…