Goldman Sachs(US:GS) Sou Hu Cai Jing·2026-01-12 05:53Group 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 due to a supply surplus this year [1] - The firm maintains its average price forecast for Brent crude and WTI 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 increase [1] - Goldman Sachs indicates that global crude oil inventories are rising, forecasting a daily supply surplus of 2.3 million barrels in 2026, suggesting that market rebalancing may require lower oil prices unless there are significant supply disruptions or OPEC cuts [1] Group 2 - Analysts at Goldman Sachs note that U.S. policymakers are focused on ensuring adequate energy supply and maintaining relatively low oil prices, which will suppress upward price momentum ahead of the midterm elections [2] - The firm expects oil prices 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] - Goldman Sachs adjusts its average price forecast for Brent and WTI 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]