Global Oil Fundamentals Oil price update: pulled in different directions Trajectory remains similar, small increase to 4Q25, small cut to 2026 Oil prices held up better than expected in 3Q25, as the bearish OPEC+ unwind was partially offset by geopolitical risks, resilient demand and China's stockpiling. We continue to expect a move lower in the near-term though, as seasonally softer demand and incremental OPEC+/non-OPEC+ supply weigh further. Reflecting the higher starting point than anticipated and ongoin ...