Stocks built by 3.3m b/d in second quarter, says IEA
Saudi Arabia is pumping oil at record highs, Iranian supplies are about to hit the market, Iraq’s exports from the south are beating expectations and, across the Atlantic, North American oil production continues to rise
The International Energy Agency thinks stocks were building by 3.3m b/d in the second quarter. Lurking amid that thicket of bearish news, though, is something the bulls still want to latch on to: dwindling spare capacity. For the oil market, Opec’s reserve of quickly producible oil has always been the first defence against supply disruptions or price spikes. Any drop in the level is a reason to buy. Sometimes, the market has seemed to value the spare capacity as much as the actual supply. Take 2008 as an example. As oil prices soared, consumer countries begged Saudi Arabia for more oil. The kingdom obliged – but the market saw the move as bullish. Every extra barrel exported from the kingdom
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
