Investment bank Goldman Sachs has revised its oil market outlook, projecting a slightly larger global surplus for 2026 while leaving its crude price forecasts unchanged.
According to reports, Goldman Sachs said in a note to investors dated 7 September that it now expects a surplus of about 1.9 million barrels per day in 2026, up from its earlier forecast of 1.7 million barrels per day.
The bank attributed the revision to rising output from the Americas, which it said would more than offset declining Russian supply, while global demand remains firm.
Despite the shift, Goldman left its price outlook steady, keeping Brent crude at an average of $56 per barrel in 2026 and WTI at $52 per barrel.
The bank added that risks to its forecast were balanced but ‘skewed modestly to the upside.’
