oil glut ..market massively oversupplied

Market needs just 12mb/d June 2026 July 2026 EW Pipeline 2.0 2.0 Russia + Iran Oil on Water 1.5 1.0 China Import Reduction 4.0 5.0 UAE Fujairah Pipeline 2.0 2.0 Iran Crude Exports 3.5 4.0 Extra production (UAE, Iraq, Kuwait, Saudi, Qatar) 3.5 4.0 Rest of World SPR Release 1.0 1.0 US SPR Release 3.0 2.5 Production Cuts outside Arab Gulf + China 0.0 0.5 Total Extra Crude Oil ~20.5 mb/d ~22.0 mb/d submitted by /u/Anxious_Neat_6274 [link] [comments]