Russian Oil Glut Disaster - Joe Blogs

The world could soon be drowning in oil. The International Energy Agency has just warned that global oil supply is rising far faster than demand — setting up a massive oil glut in 2026.

OPEC+ is pumping more, new fields are coming online, and the energy transition is accelerating. But while the rest of the world may benefit from lower oil prices, Russia faces a major crisis.

Moscow’s 2025 budget assumes oil at nearly $70 a barrel, yet prices have already fallen closer to $56, and Russia’s main export blend, Urals crude, sells at an even deeper discount. That leaves a multi-trillion ruble shortfall and growing pressure on the ruble, reserves, and military spending.

In this video I’ll break down:
🔹 The IEA’s latest oil supply and demand forecasts
🔹 Why OPEC+ keeps increasing production despite weak demand
🔹 How the coming oil glut could crash prices
🔹 What this means for Russia’s economy, budget, and currency
🔹 Why 2026 could be the toughest year yet for Moscow’s finances

The oil boom may be over — and for Russia, that could mean the beginning of a much bigger problem.

Chapters:
0:00 Intro
1:40 IEA REPORT
7:35 RUSSIA
10:14 SUMMARY & CONCLUSION