Crude oil sales from the world’s biggest exporter, Saudi Arabia, are set to surge as 2026 begins, with customers from the US to Asia all set to receive more supply amid growing concerns over an oil glut.

Crude oil is attempting a short-term recovery near key support, but persistent oversupply and weak structure keep rallies suspect. Any upside is viewed as temporary unless major resistance levels are reclaimed.

Christof Ruehl, Global Advisor at Crystol Energy, believes OPEC can tolerate oil prices in the mid-$50s and that any decision to cut output would be driven by politics rather than price levels.

There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

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Commercial crude oil stocks fell by 1.3 million barrels to 424.4 million barrels last week as exports increased and refineries stepped up their capacity use, said the U.S. Energy Information Administration.

Crude oil suffered a difficult week but is attempting a short-term bounce near key support. Oversupply concerns and a persistent downtrend keep rallies suspect, with broader conditions suggesting a bottoming process rather than a sustained recovery.

The commodity complex has been explosive the last few years, leading long-term investors to wonder if crude oil is the next big opportunity.

Crude oil prices fell for a second straight week as rising inventories and mounting oversupply expectations outweighed geopolitical supply risks and reinforced bearish long-term demand forecasts.