Supply, demand and geopolitics: Oil markets in 2026 with Janiv Shah and General Index's Corey Stewart

Let’s Talk Energy and dive into the global oil market to understand how supply, demand and geopolitics could influence prices for the most important traded commodity in the world. Forecasters almost universally agree that crude markets are likely to face a significant oversupply in the months ahead as growth in oil production outpaces growth in demand. But, while prices for benchmark Brent and West Texas Intermediate (WTI) have certainly drifted down in recent months, both prices and balances proved more resilient into the end of 2025 than many expected and are continuing to hold up in the early days of 2026.   How much extra oil might be sloshing around in the global market, and will it necessarily trickle down to the prices consumers pay for fuel? Will geopolitical turbulence, including the US arrest of Venezuela’s President Nicolas Maduro, outweigh the fundamentals to support higher-than-expected oil prices?  If prices do fall further, how might key producers such as OPEC+ and US shale players react?  Related Analysis  Trump and Energy: Venezuela’s long road back: The cost, conditions and timeline to 3 million bpd (accessible for non-clients) Expectations and realities: 12 predictions for the year ahead in energy (accessible for non-clients) Oil Macro Scenarios Report – 4Q 2025 (clients only) What it will take to bring Venezuela’s oil output back to 3 million bpd (clients only) In 2026, energy importers will benefit from lower prices (clients only) Navigator Alert: OPEC+8 pauses again as geopolitical uncertainty builds (clients only)  Related Episodes A glimpse into energy in 2026, with Jarand Rystad Non-OPEC+ oil growth finds its engine in South America, with Radhika Bansal Who will make money in the energy industry in 2026? What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X