There are good signs for healthy oil demand going into 2026, energy industry leaders said on Monday at the ADIPEC energy conference in Abu Dhabi, after OPEC+ decided to pause output increases in the first quarter of next year.
When asked about the possibility of an oil glut in 2026, the United Arab Emirates’ Energy Minister Suhail al-Mazrouei said: “I am not going to talk about an oversupply scenario,” adding that “I think all of what we are seeing is more demand.”
OPEC Secretary-General said at the same event that there are good signs for demand and that surprises are not expected in the market.
“We are making sure we maintain the supply-demand balance,” Haitham Al Ghais said of Sunday’s OPEC+ decision.
OPEC+ countries, which include the UAE, agreed to increase December output targets, but halted the increases in the first quarter of 2026 to moderate plans to regain market share on fears of a supply glut.
New Western sanctions on OPEC+ member Russia are adding to the challenges, as Moscow may struggle to further raise output after the U.S. and Britain imposed fresh measures on top producers Rosneft and Lukoil.
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