The Globe and Mail reports in its Tuesday edition that global oil demand growth is projected to drop to its lowest levels since 2001, according to S&P Global, which has revised its price outlook for benchmark crude to the upper-$40s (all figures U.S.). The Globe's Emma Graney writes that the U.S. is expected to see a significant year-on-year decline in production due to weak demand growth, comparable only to the financial crisis of 2008-09 and the COVID-19 pandemic. S&P now forecasts West Texas Intermediate prices to range from the $40s to low-$60s for the rest of the year. S&P head of crude oil research Jim Burkhard says: "The oil price is currently defenceless. ... Eventually there will be too much crude oil in the market absent a change in production trends." The good news for Canada is that the United States is expected to bear the brunt of the effects from an oversupplied market, because U.S. shale production is more responsive to price shifts compared with other sources of non-OPEC supply, such as Canada, Guyana and Brazil. U.S. oil production may drop by 640,000 barrels a day by the end of 2026 compared with mid-2025, potentially paving the way for a future price recovery, according to analysis.