Goldman Sachs forecasts global oil surplus

Goldman Sachs predicts that the global oil market will return to a surplus next year, with the surplus expected to exceed 3 million barrels per day due to decreasing geopolitical tensions and stable oil exports via the Strait of Hormuz. The forecasts focus on the fact that efforts to rebuild strategic reserves will help narrow the gap, but will not significantly prevent the rise in surplus. This has led to a roughly 30% drop in oil prices in the last quarter and U.S. inventories reaching their lowest levels since 1983.

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