Brent Crude Approaches Seventy Dollars on Heightened Shipping Risks

The 2026 Surplus Warning

The World Bank and EIA have reiterated that commodity prices are likely to hit a six-year low in 2026 due to an oil supply glut. Global production is expected to increase by 1.4 million bpd this year, significantly outstripping demand growth.

OPEC Plus Strategy

OPEC+ members are currently maintaining production cuts to defend the $65 floor. However, the group faces a difficult challenge in March as non-OPEC barrels from the Americas continue to flood the Atlantic basin, pressuring Brent's premium over WTI.