22 January 2026 | 6:40PM EST Commodities Research Oil Tracker: Stock Builds Moderate on Kazakhstan Disruptions Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosure ...

19 January 2026 Global Oil Services Global Oil Services: Our 2026 outlook in 9 slides Guillaume Delaby +33 1 42 13 62 29 guillaume.delaby@bernsteinsg.com Luis-Fernando Sarmiento +44 20 7762 1851 luis-fernando.sarmiento@bernsteinsg.com Irene Himona, Ph.D. +44 20 7762 5353 irene.himona@bernsteinsg.com Specialist Sales Gareth Williams +44 20 7762 5256 gareth.b.williams@bernsteinsg.com "Stomp out their cigarettes". Earlier last week we published our 2026 outlook: Global Oil Services: 2026 outlook — 13 themes: T ...

Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC c45a43530f604d12bcb9a82b5aa6b9f6 21 January 2026 | 8:37AM EST Commodities Research Oil Comment: IEA Upgrades 2026 Global Demand Further Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs ...

15 January 2026 | 11:05PM CET Equity Research GLOBAL ENERGY: OIL SERVICES Implications from Venezuela Following the US deposing of President Maduro, we discuss in this note read-across from Venezuela for global oil services names. Recovery in production would likely be gradual and require substantial investment: In our commodities team's view, Venezuela production may edge up slightly in the short-run, including in a scenario with a US-supported government and full sanctions relief. According to Oils commen ...

14 January 2026 | 7:22AM EST Commodities Research Oil Comment: Market Pricing of Iran and Venezuela Shocks [Corrected] 1 A 1mb/d permanent decline in production tends to raise (the OECD inventory-based fair value of) prices by $8/bbl 12 months after the shock (assuming OPEC doesn't make up the shortfall). 2 We expect Venezuela crude to rise from 0.83mb/d in Dec25 to 1.07mb/d in Dec26 as several producers (including at our GS Energy Conference) have indicated that production could rise moderately with sancti ...

14 January 2026 | 7:22AM EST Commodities Research Oil Comment: Market Pricing of Iran and Venezuela Shocks 1 A 1mb/d permanent decline in production tends to raise (the OECD inventory-based fair value of) prices by $8/bbl 12 months after the shock (assuming OPEC doesn't make up the shortfall). n Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Neil Mehta +1(212)357-4042 | neil.mehta@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in ma ...

Vi e w p o i n t | 13 Jan 2026 16:44:45 ET │ 8 pages Oil Monitor Upgrading 0-3mth Brent forecast to $70/bbl on rising geopolitical risks; spikes are opportunities for more producer hedging CITI'S TAKE Last week, with Brent at ~$60-61/bbl, we wrote on Russia/Ukraine and Iran risks supporting higher oil prices, near-term. We now think this oil rally has room to extend above our $55-65/bbl forecast range in the coming days. We raise our 0–3mth price target for Brent oil to $70/bbl from current spot at ~$65/bbl ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **US Oil Industry**, specifically discussing crude oil production, supply, demand, and refinery operations. Core Insights and Arguments 1. **Record Crude Production**: US crude production reached a record of **13.87 million barrels per day (mb/d)** in October, primarily driven by gains in the US Gulf region, despite a stall in shale production growth [2][3][4]. 2. **Shale Production Trends**: Shale production saw a slight decline of **10 kb/d month-over-month (MoM)** in October, with New Mexico's output increasing by approximately **30 kb/d**, while Texas experienced a decline of **45 kb/d** [5][6]. 3. **Rig Count Decline**: The US oil rig count decreased by **6 rigs** in October, with significant losses in the Eagle Ford basin [8][12]. 4. **Fracking Activity Increase**: Frac activity rose sharply in October, with **1,261 frac jobs** initiated, marking a **21% increase** from September [13]. 5. **Gulf of Mexico Production Growth**: Offshore production in the Gulf of Mexico increased by **45 kb/d** MoM, reaching **2.0 mb/d**, supported by new projects like the Leon-Castille field [14][17]. 6. **Crude Imports and Exports**: Crude imports fell sharply by **500 kb/d** MoM to **5.9 mb/d**, while exports decreased by **140 kb/d** but were still up **9% year-over-year (YoY)** [24][26][29]. 7. **Refinery Runs Decline**: US refinery runs dropped by **940 kb/d** MoM to **15.53 mb/d**, attributed to seasonal maintenance and unplanned outages [35][40]. 8. **Oil Demand Contraction**: Total US oil demand contracted by **2% YoY** in October, ending four months of growth, with notable declines in gasoline and jet fuel consumption [48][49]. 9. **Finished Products Output**: Refinery output of finished products fell by **3% MoM**, with gasoline being the only product to see an increase in output [91][94]. 10. **Crude Inventory Build**: US crude inventories rose by **15.8 million barrels** in October due to reduced refinery demand, with significant builds in PADD 3, PADD 2, and PADD 5 [136][141]. Additional Important Insights - **Transfers to Crude Oil Supply**: In October, **860 kb/d** of transfers to crude oil supply were recorded, indicating an increase in blending materials used for refinery feedstock [22][23]. - **Impact of Seasonal Factors**: The decline in refinery runs and oil demand was influenced by seasonal factors, including maintenance schedules and the end of the harvest season affecting diesel demand [71][74]. - **Future Outlook**: Weekly EIA data suggests a recovery in refinery runs in November as maintenance concludes, with crude imports also expected to rise [138]. This summary encapsulates the critical developments and trends in the US oil industry as discussed in the conference call, highlighting production, demand, and operational challenges faced by the sector.

ab 9 January 2026 Global Research Global Oil Fundamentals Expert call feedback: 2026 oil market outlook Oil price likely to remain in the $60s We hosted an expert call yesterday with Dr. Anas Alhajji, Managing Partner at Energy Outlook Advisors, to discuss the 2026 oil market outlook. The expert's base case is that Brent is likely to trade sideways in the ~$60s/bbl, with any spikes related to geopolitics or dips amid perceived oversupply likely to be temporary. This is consistent with the view we outlined i ...

11 January 2026 | 4:02PM EST Commodities Research OIL ANALYST 2026 Outlook: Prices Trend Down on Strong Supply; Geopolitical Risks Remain Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and ...