More evidence that the marginal consumer is tapped out as shrinking economies continue to experience declining demand for commodities like oil. Is the concept of an oil pipeline from Alberta to coastal waters even viable at this point?
Even with a recent decision by OPEC to hold production rates steady through the first quarter, the International Energy Agency said last week that it now expects 2026’s oil glut to reach 3.8 million barrels per day.
On the water, crude tankers at sea are now holding more than 1 billion barrels — a figure that has steadily risen over the past few months as sellers have had a harder time finding buyers willing to take the oil.