Markets

The global oil market in 2025 is poised to see a surplus, driven by increasing non-OPEC+ supply and modest demand growth.

There are challenges and opportunities for European refiners amid upcoming refinery closures and the energy transition with consideration of Trump's second-term impacts.

The following are key trends of the global oil market to watch in the coming year.

The possibility of US President-elect Donald Trump imposing a 25% tariff on crude imports from Canada and Mexico has sparked significant concerns within the energy sector.

Equinor and Shell have announced the formation of a joint venture (JV) to combine their UK offshore oil and gas operations, making it the largest independent producer in the UK North Sea.

As Donald Trump returns to the White House, his energy policy promises to shift focus toward maximizing US oil and gas production, signaling a potential boost to fossil fuel sectors.

The Trans Mountain Expansion (TMX) pipeline is poised to significantly enhance Canada’s crude oil export capabilities, with Gibson Energy announcing an increase in storage capacity by 870K bbl. in the fourth quarter.

The global oil supply landscape is marked by a complex interplay of forecasts that highlight both potential surpluses and looming crises.

Asian Refiners Face Challenges Ahead Considering Mideast Tensions, Reducing Iranian Oil Exports, and Venezuelan Turmoil.

The global oil market must navigate between geopolitical tensions and supply-demand dynamics.