Most traders and analysts still see production exceeding consumption globally, but not where it’s most visible: Western storage hubs. In December, more than 13 million barrels a day of crude arrived on China’s shores, the most on record, according to government data. “Many have been waiting for the sell off and did not see strong demand from India and China.”The conundrum faced by oil markets perhaps shows up best in the amount of crude oil sailing on tankers at sea. Currently, it’s about 200 million barrels higher than it was a year ago, an increase that would normally lead to pressure on crude prices. Winter Storm Fern shut in close to 2 million barrels a day of American oil production at its peak, Energy Aspects estimates and another cold snap is on its way to the US.

Source: The Edge Markets January 30, 2026 14:15 UTC