Group 1 - Goldman Sachs' research report indicates that Brent crude oil futures prices are expected to fall below $50 per barrel by the end of 2026 due to increasing supply-demand imbalances in the global oil market [1] - The report forecasts an average surplus supply of 1.8 million barrels per day from Q4 2025 to Q4 2026, leading to an increase of nearly 800 million barrels in global oil inventories during this period [1] - OECD member countries are projected to account for one-third of the global inventory increase, with an estimated rise of about 270 million barrels [1] Group 2 - The report highlights that the dual pressure of inventory buildup and declining oil demand in OECD countries will push the fair value of Brent crude oil down from the current level of approximately $75 [1] - Although oil prices may fluctuate around forward contract prices for the remainder of 2025, significant inventory pressure is expected to exacerbate in 2026, leading to a drop below current market expectations [1] - If China's crude oil inventory growth accelerates from an average of 400,000 barrels per day in the first eight months of this year to 800,000 barrels per day, the average Brent crude oil price in 2026 could rise by $6 to $62 compared to the baseline forecast [1] Group 3 - As of the report's release, international oil prices continue to show a weak and volatile trend, with Brent crude futures at $67 per barrel and WTI at $63 per barrel, both significantly lower than their peaks earlier in the year [2] - Market analysis suggests that slowing global economic growth is leading to weak demand, compounded by increased production from non-OPEC oil-producing countries, heightening concerns over oversupply in the market [2]