Oil market out of balance despite rising demand
Despite falling non-Opec supply and rising demand, the market still has a way to go
The North American rig count is trending lower again, global oil demand is gathering steam and the US’ Federal Reserve on 17 September decided not to lift interest rates. Ordinarily, each of these would be bullish for oil, yet crude markets in September remained depressed. On 22 September, Brent was down 11% on its end-August high, at $48.45/barrel.Opec is one reason. Its lynchpin Saudi Arabia has resolutely resisted pleas from Algeria and others for an emergency meeting. Non-Opec output is struggling and after years of stagnation the call on Opec’s crude is rising. The International Energy Agency (IEA) has added 200,000 b/d to the estimated call for the rest of this year and predicts it wil
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
