Oil markets are heading into 2026 with more uncertainty than prices suggest.

In this episode of “The Energy Forum,” Abhi Rajendran and Skip York discuss why oil prices have remained resilient despite apparent oversupply. They examine OPEC+ supply discipline, non-OPEC production growth, China’s oil stockpiling, and what these forces mean for market balance.

The conversation also explores geopolitics, sanctions, and tightening refining capacity, raising the risk that today’s soft crude prices could give way to higher fuel prices and a sharper rebound later this decade.

This conversation was recorded on Dec. 12, 2025.

Featured guests:

• Abhi Rajendran, https://www.bakerinstitute.org/expert/abhi-rajendran
• Skip York, Ph.D., https://www.bakerinstitute.org/expert/harold-skip-york

You can follow @BakerInstitute and @CES_Baker_Inst on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.

In this episode of “The Energy Forum,” energy and transportation policy fellow Ed Emmett talks with Michael Graff, former chairman and CEO of American Air Liquide, about hydrogen’s past, present, and future. Together, they explore how this versatile fuel fits into today’s energy transition and what it will take to make it a truly global solution.

This conversation was recorded on Oct. 29, 2025.

Follow Ed Emmett on X (@EdEmmett) and LinkedIn.

You can follow @BakerInstitute and @CES_Baker_Inst on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.

Nonresident fellows Abhi Rajendran of Energy Intelligence and Skip York of Turner Mason & Co. joined “The Energy Forum” to examine the state of global oil markets in 2025. Drawing on themes from the Annual Energy Summit (Panel: 1:15:49 – 2:20:39) and the latest “Energy Insights” report, they discuss market flexibility, risk premiums, shale’s slowdown, and what to watch as prices test new lows heading into 2026. This episode was recorded on Oct. 20, 2025.