Despite widespread expectations of weakening demand for oil, market fundamentals are showing signs of tightening. A slowdown in US shale production and resilient demand across emerging economies could point to a potential shift in the price of oil.When it comes to demand, elevated refining margins and unexpectedly low inventory levels suggest that actual demand may be outpacing modelled projections.On the supply side, extended development timelines for new projects and the lingering effects of pandemic-era underinvestment have left the market increasingly exposed to potential shortfalls.In Episode 74 of The Flip Side podcast, Global Head of Research Brad Rogoff and lead equity analyst for European energy Lydia Rainforth consider the evolving dynamics of the oil market.

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