Oil demand has defied bearish predictions to keep rising, but supply is set to increase even more, dragging crude prices lower through 2027.

Canada should build more taxpayer-funded pipelines to increase fossil fuel oligarch wealth! /s

Oil has largely languished this year, but the next two years could be much tougher for crude producers if JPMorgan’s latest forecast is correct.

The price of oil is down 15% this year, and JPMorgan analysts say the commodity is staring down a problem from Economics 101: when supply exceeds demand, prices are likely to fall.