Goldman Sachs(US:GS) Zhi Tong Cai Jing·2025-11-18 03:48Group 1 - Goldman Sachs predicts that oil prices will continue to decline until 2026 due to a significant supply surplus of approximately 2 million barrels per day [1] - The forecasted average prices for Brent crude and WTI crude in 2026 are $56 per barrel and $52 per barrel, respectively, which are lower than current forward contract prices of $63 and $60 [1] - The supply surge in 2025-2026 is attributed to long-cycle projects that were delayed during the pandemic and OPEC's decision to lift production cuts [1] Group 2 - Starting in 2027, Goldman Sachs expects oil prices to rebound as low prices in 2025-2026 will suppress non-OPEC production, and there will be a lack of new projects due to 15 years of underinvestment [2] - The projected prices for Brent and WTI by the end of 2028 are $80 and $76, respectively [2] - Potential scenarios include Brent prices dropping to the $40 range if non-OPEC supply proves more resilient than expected or if a global recession occurs, while a significant decline in Russian supply could push prices above $70 per barrel [2]