Oil Caught Between a $70 Summer and Growing Surplus Fears

Oil traders are grappling with a tension — there’s a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel.

France’s TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway’s Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group.