“Despite our assessment that global oil production has been much higher than demand this summer, we have yet to see a significant increase in observable oil inventories. In contrast, OPEC+ crude oil production is projected to rise by 0.6 million b/d in 2025 and by 0.5 million b/d in 2026. Conversely, OECD consumption is predicted to decrease by 0.1 million b/d in 2025 before experiencing a growth of 0.2 million b/d in 2026. US gasolineEIA's forecast of declining oil prices is expected to result in lower gasoline prices. Due to rising natural gas prices and falling oil prices in 2026, EIA forecasts that crude oil will trade at its lowest premium to natural gas since 2005.