Goldman Sachs expects global strategic petroleum reserve rebuilding to support oil demand but says it will be overwhelmed by a large oil surplus next year.

Goldman Sachs cuts Q4 2026 Brent crude forecast to $80 from $90 as Iran tensions ease and non-OPEC supply growth creates an oversupply outlook.

Crude surplus is expected to average just over three million barrels a day in 2027, Goldman said. Read more at straitstimes.com. Read more at straitstimes.com.

Crude surplus is expected to average just over three million barrels a day in 2027, Goldman said. Read more at straitstimes.com. Read more at straitstimes.com.

Goldman Sachs expects global strategic petroleum reserve rebuilding to support oil demand but says it will be overwhelmed by a large oil surplus next year.

Goldman now expects the global oil surplus to be about 3 million barrels per day (bpd) next year