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Goldman Sachs said softer oil demand and easing supply disruptions have balanced out the risks in its oil price outlook.
Goldman Sachs maintained its 2026 oil price forecasts despite softer demand and easing supply issues.
KEY POINTS
- Preliminary estimates show early 2026 global demand losses exceed those during the 2011 and 2022 oil spikes.
- Flows through the Strait of Hormuz are still sharply reduced, with risks if supply recovers quickly.
- Demand weakness is most pronounced in petrochemical feedstocks and jet fuel due to high product prices.
- Emerging markets in Asia and Africa show the greatest demand weakness, being more sensitive to oil prices.
COMPANIES
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