Key 2026 Drivers and Baseline Outlook

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:

• Trump's Bullish Paradox
• Importance of China's SPR
• Why OPEC+ Hiked Production
• The "Oil on Water" Overhang
• Venezuela and Iran
• 2026 Outlook
• US Shale's H2 Roll-over
• Long term demand outlook