Goldman Sachs warns: Global oil oversupply will reoccur, and replenishing strategic reserves will hardly change the situation

(1) Samantha Dart, Co-Head of Global Commodities Research at Goldman Sachs, stated that as the impact of the Iran conflict gradually fades and traffic in the Strait of Hormuz resumes, the global oil market will once again enter a state of oversupply. (2) She pointed out that countries purchasing crude oil to replenish strategic reserves will tighten the market to some extent, but this will only partially offset the expected surplus. (3) Goldman Sachs forecasts that the average daily oil surplus next year will be slightly above 3 million barrels; even if the rebuilding of global strategic oil reserves can absorb about 1 million barrels per day, the market will still face a net surplus of nearly 2 million barrels daily.