Argus Global Market Insights December 2025

Argus Global Markets Insights discusses why freight is back in the limelight—elevated rates amid fragmented sanctioned/unsanctioned fleets and route disruptions— and connects these pressures to widening regional crude price spreads and benchmark divergence. Looking to 2026, the base case is softer crude on high inventories and a projected surplus, but with meaningful upside risks from potential Opec+ re‑cuts, slowing U.S. and persistent geopolitical flashpoints.