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.