Lates News

Goldman Sachs predicts that China will accelerate its pace of oil stockpiling this year and in 2026, driven by falling oil prices and concerns about energy security, sparking a buying frenzy. Daan Struyven, head of oil research at Goldman Sachs, said in an interview this week that he expects Chinese petroleum inventories to increase by 500,000 barrels per day over the next five quarters. This optimistic forecast far exceeds estimates of China's recent stockpiling efforts. Attendees at the Asia-Pacific Petroleum Conference in Singapore this week stated that Chinese buying helped support demand and boost oil prices, but the prospect of oversupply cast a shadow over the global market. Frederic Lasserre, research head at Commodities Group, estimates that China's stockpiles increased by approximately 200,000 barrels per day in recent months. However, Goldman Sachs still predicts that Brent prices will fall to the $50-60 range next year. The International Energy Agency (IEA) raised its forecast for record high levels of oversupply in 2026 on Thursday, as OPEC+ and other oil-producing countries increase production.