Global oil markets are entering a period of renewed surplus as OPEC+ producers gradually lift output and key exporters ramp up seaborne flows. According to the US Energy Information Administration (EIA), global oil supply is projected to outpace demand into 2026, putting downward pressure on prices while supporting continued strong utilization of crude and product tankers.

Recent weeks have seen record levels of oil on the water, with Bloomberg reporting the highest floating inventories since 2023 as exports from the Middle East and Atlantic Basin accelerate. Record volumes of oil on the water suggest growing use of tankers for storage, which is predicted to rise further in 2026 as inventories expand and voyage durations lengthen.