全球石油：月度机构数据快照-OPEC + 暂停减产并未改变过剩局面-Global Oil_ Monthly Agency Data Snapshot_ OPEC+ pause does not dent the surplus

ab 18 November 2025 Global Research Global Oil: Monthly Agency Data Snapshot OPEC+ pause does not dent the surplus Balances still getting looser despite OPEC+ pause The agencies had bearish updates for 2026 again this month, on higher supply, despite the OPEC+ pause in 1Q26. Our own balances are also looser by 290kb/d for 2025 and 260kb/d for 2026, to a surplus of 1.9Mb/d each year. In 2025, inventory builds have so far averaged 1.2Mb/d over 1Q25-3Q25 per the IEA (including oil on water at +0.5Mb/d). Missin ...