| Is there really an oil glut? What is China doing with all that crude? And is the US shale boom finally running out of steam? Ed D’Agostino of Mauldin Economics sits down with Jan Stuart, global energy strategist at Piper Sandler and one of Wall Street’s sharpest oil analysts, for a wide-ranging conversation on the state of global oil markets heading into 2026. Jan cuts through the noise on the so-called oil surplus, explains why OPEC’s “Pump for Trump” strategy didn’t crash prices, and reveals why China’s massive inventory buildup may be as much a war-preparedness move as an economic one. He also shares his outlook on US shale’s long-term trajectory, the untapped potential in Venezuela, the growing significance of offshore production, and why oil demand growth could be one of the big surprises of 2026. Plus: Could fusion energy finally be more than a “20 years away” promise? Find out more about Jan Stuart here: https://www.pipersandler.com/about/people/jan-stuart Follow Jan Stuart on LinkedIn: https://www.linkedin.com/in/jan-stuart-590b0880/ Sign up for Ed D’Agostino’s free newsletter here: https://www.mauldineconomics.com/global-macro-update?utm_source=SYTB&utm_medium=GM&utm_campaign=jm-563&utm_term=260220-jan-stuart&utm_content=JM563GM40094 Follow Ed D’Agostino on LinkedIn: https://www.linkedin.com/in/ed-d-agostino-415475296/ Follow Ed D’Agostino on X: https://x.com/EdDAgostino _____________ Time stamps: 0:00 – Introduction 0:51 – Are we in an oil glut? 4:35 – OPEC’s “Pump for Trump” strategy 8:51 — The future of US shale 15:02 – Venezuela’s massive reserves and investment risk 20:46 – The Gulf Coast refinery advantage for heavy crude 22:10 – China’s inventory buildup 27:10 – Is the US Strategic Petroleum Reserve still relevant? 30:12 – AI and fusion as potential game changers 33:33 – Jan’s bigger picture for oil demand outlook |
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