In early 2026, analysts anticipated an oil glut as supply was set to surge faster than demand, with OPEC+ ramping up production and U.S. output hitting records. Economic slowdown and rising efficiency were expected to dampen consumption. However, contrary to expectations, this glut never materialized, suggesting a more complex interplay between supply and demand dynamics. This shift underscores the unpredictable nature of global oil markets and the potential for unexpected supply constraints despite apparent oversupply scenarios.