石油市场过剩加剧，远期石油平衡或致使 2025 年下半年布伦特原油价格走低-Oil market surplus grows_ Forward oil balances may lead to lower Brent in 2H25

Accessible version Global Energy Weekly Oil market surplus grows Forward oil balances may lead to lower Brent in 2H25 In this note we update our oil balances to reflect growing OPEC+ supplies against a backdrop of better-than-expected demand conditions. Net, we now project an average surplus of 890k b/d in the 12 months from July 2025 through June 2026. This surplus should result in global oil inventory builds of around 100mn barrels over the same window if historical patterns are maintained. As such we rei ...