In this early-2026 market check-in, host Andy Critchlow (S&P Global Energy) sits down with Jim Burkhard (Head of Crude Oil Analytics and Research) to unpack a turbulent start to the year for oil prices—driven by geopolitics and real-world supply disruptions. They examine three major forces shaping markets: uncertainty around Iran, shifting expectations for Venezuelan heavy crude exports and potential production growth, and Black Sea loading issues affecting Kazakh flows.

The conversation also digs into the "heavy crude" constraint (including the need for diluent), what it would take for international oil companies to reinvest in Venezuela, and why US onshore output is proving more resilient even in a lower-price environment. On the demand side, they explore how China's gasoline and diesel use has plateaued amid rapid EV adoption, what that means for global growth, and whether India (and potentially parts of Africa) can become the next big demand engine.

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