Despite widespread geopolitical instability around the world, the most severe period of crude oil oversupply ever will depress prices, latest ICIS forecasts show.

- For 2026 global oil markets are in the largest period of oversupply we have ever seen

- Oversupply forecast by ICIS at 3 million barrels/day out of a roughly 100 million barrels/day market

- China oil demand growth has slowed drastically thanks to slowing economy and transition to electric vehicles

- OPEC is increasing supply, unwinding previous cuts

- Around 20% of global oil supplies pass through Strait of Hormuz so closing it could push prices above $100/barrel.

- End Q1/early Q2 Brent crude oil prices could decline under $60/barrel as fundamentals of oversupply take over from geopolitical concerns

- Overall prices could be 15% lower than in 2025, ICIS forecasts

- China-driven chemicals oversupply will persist in 2026

- Developing world outside China may become a driver of chemicals demand

- SABIC’s petrochemical sale ushers in new era of ownership by turnaround investors

In this Think Tank podcast, Will Beacham interviews ICIS market development director John Richardson, ICIS Insight Editor Tom Brown and Ajay Parmar, head of oil markets for ICIS.

BARCELONA (ICIS)--EU leaders seem to recognize the need for action to reverse deindustrialization, but it risks being too little, too late for chemicals.

• EU chemicals regulation needs ambitious reform, not tinkering at the edges
• Chemical companies continue to close operations in Europe, partly driven by regulatory costs
• Expect a review of Reach regulation and “one substance one assessment” part of the Chemicals Strategy for Sustainability in 2026
• Sustainability reporting requirements are being watered down
• Proposed changes to the EU Waste Framework Directive will impact chemical recycling sector
• Risk of EU moving towards risk-based assessments, rather than hazard
• Restriction of lead in ammunition could stifle defence sector
• Move away from international rule of law means new approaches needed

In this Think Tank podcast, Will Beacham interviews Gerard McElwee and Peter Sellar from Squire Patton Boggs, ICIS Insight Editor Tom Brown and Paul Hodges, chairman of New Normal Consulting.

LONDON (ICIS)--Europe oxo-alcohols and derivatives markets have seen a subdued level of activity in December amid ample supply across derivative markets and sluggish demand.

For 2026, many remain sceptical surrounding the prospect of demand recovery tied in part to the potential of infrastructure spending and any resolution to ongoing geopolitical issues.

Glycol ethers editor Cameron Birch speaks to oxo-alcohols and butyl acetate editor Marion Boakye and acrylate esters editor Mathew Jolin-Beech about market conditions and expectations for the near future.