高盛：全球石油市场供应过剩“开始显现”

Core Insights - The global oil market is beginning to show signs of a long-anticipated supply surplus, as indicated by high-frequency satellite data and official inventory data from the International Energy Agency and the United States [1] Group 1: Supply Dynamics - OECD inventories have increased, with visible commercial stocks rising by 340,000 barrels per day year-to-date, accounting for one-quarter of total inventories [1] - This proportion of visible commercial stocks is expected to rise to one-third by the end of 2025 [1]