Wood Mackenzie Sees Oil Prices Slumping Next Year Amid Surging Supply
Wood Mackenzie has predicted that oil prices will plummet in 2027 due to an increase in global crude supply. According to the firm, rising non-OPEC production and normalizing oil flows through the Strait of Hormuz are expected to lead to a sharp decline in prices. The global market is forecasted to run a 2.3 million bpd surplus in 2027, even with OPEC+ cutting production by around 2.5 million bpd.