New Delhi, Dec. 17 -- 2026 is likely to be "fairly bearish" for global energy markets with most metals likely to be "better supported" on account of tighter fundamentals, financial services company ING said in a report.

In its latest Commodities Outlook, for 2026, ING said it remains bearish towards energy markets, with the global oil market set to be in large surplus, following OPEC+ rapidly ramping up output as it shifts policy, while demand growth remains modest.

"There is plenty of uncertainty about Russian oil supply following US sanctions, but as we move through 2026, markets will get a clearer picture of the full impact," the ING report read.

For now, ING believes the impact will be limited in the medium to long term.

However, ...