Goldman Sachs(US:GS) Xin Lang Cai Jing·2026-01-12 04:48Group 1 - Goldman Sachs reports that geopolitical risks related to Russia, Venezuela, and Iran will continue to cause market volatility, but oil prices are expected to gradually decline this year due to oversupply from increased production [1][3] - The firm maintains its average price forecast for Brent crude and West Texas Intermediate (WTI) crude at $56 and $52 per barrel for 2026, respectively, predicting prices will drop to $54 and $50 per barrel in Q4 as OECD oil inventories rise [1][3] - Goldman Sachs anticipates a daily oversupply of 2.3 million barrels in the oil market by 2026, indicating that unless there are significant supply disruptions or OPEC implements production cuts, oil prices may need to decline to balance the market and support strong demand growth [1][3] Group 2 - U.S. policymakers are focused on ensuring adequate energy supply and maintaining relatively low oil prices, which is expected to suppress rising oil prices ahead of the midterm elections [2][4] - Oil prices are projected to gradually recover by 2027, as the growth rate of non-OPEC oil supply slows and demand remains strong, leading to a return to a supply-demand imbalance [2][4] - Goldman Sachs has adjusted its average price forecast for Brent and WTI crude in 2027 to $58 and $54 per barrel, respectively, a decrease of $5 from previous estimates, due to increased supply expectations from the U.S., Venezuela, and Russia [2][4]