Goldman Sachs says oil subject to downside into 2025-2026 due to surplus

SINGAPORE: Oil prices are still subject to downside into 2025-2026 amid a surplus market, Daan Struyven, head of oil research at Goldman Sachs told the APPEC 2024 conference.

He said OPEC is likely to go ahead with gradual and moderate production increases in the next few quarters.

Goldman Sachs adjusted its expectations for OPEC+ oil production, according to a note from the bank last week, saying it expects three months of production increases starting from December instead of October.