Market Focus: Risks remain high - a midyear look at the global oil market

In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, Managing Editor, Economics, takes a midyear look at the global oil market, noting developments thus far with a look at what may lie ahead. 
July 8, 2025

In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, Managing Editor, Economics, takes a midyear look at the global oil market, noting developments thus far with a look at what may lie ahead.

Global crude inventory has been building steadily year-to-date. In an apparent oversupply, price action has a followed the fundamentals.

Market sentiment has been shaped by three major forces: escalating macroeconomic uncertainties surrounding the US and China, OPEC+'s evolving production strategy, and political risks amid military conflicts in the Middle East. 

In short, we are in a market where risks remain high. Barring unexpected disruption or major policy reversal, oil price momentum could continue to drift sideways through this year's third quarter. 

About the Author

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Conglin Xu

Managing Editor-Economics

Conglin Xu, Managing Editor-Economics, covers worldwide oil and gas market developments and macroeconomic factors, conducts analytical economic and financial research, generates estimates and forecasts, and compiles production and reserves statistics for Oil & Gas Journal. She joined OGJ in 2012 as Senior Economics Editor. 

Xu holds a PhD in International Economics from the University of California at Santa Cruz. She was a Short-term Consultant at the World Bank and Summer Intern at the International Monetary Fund. 

 

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