Goldman Sachs predicts that international oil prices will fall in 2026.

       According to a Reuters report on January 12, Goldman Sachs released a report stating that due to oversupply leading to an excess of supply in the market, oil prices may decline in 2026. However, geopolitical risks related to Russia, Venezuela, and Iran will continue to intensify market volatility. The investment bank maintained its average price forecast for Brent crude/WTI crude in 2026, which is $56 per barrel/$52 per barrel, and expects that as OECD inventories increase, the prices of Brent crude/WTI crude will reach a trough of $54 per barrel/$50 per barrel in the fourth quarter. Goldman Sachs said that global oil inventories are rising, and an excess of 2.3 million barrels per day is expected in 2026. Unless there is a large-scale supply disruption or OPEC cuts production, it may be necessary to lower oil prices in 2026 to slow down the supply growth in non-OPEC countries and support strong demand growth, thereby achieving market rebalancing. (Economic and Commercial Office of the Embassy of the People's Republic of China in the Republic of Chile)