OpenAI CEO Sam Altman at a conference in Washington
Oil’s fragile AI trillions
Prices risk hitting $10/bl should the tech bubble burst amid worrying economic fallout
The global oil market will confront a surplus of 3m b/d for the rest of 2025 and 2.4m b/d in 2026, according to the IEA. By the end of next year, world stocks will be 1.1b bl higher if these projections are correct. This assumes, of course, that someone will buy the oil and that there is adequate storage capacity to hold it. More significantly, it assumes the current AI ‘bubble’ does not pop. Thus, today, one person, OpenAI CEO Sam Altman, stands between the current oil price and oil at $10/bl. Altman founded his firm just ten years ago. Although the company is privately owned, various estimates put its value at around $500b. In contrast, ExxonMobil, which has existed for more than a century
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
