A Goldman Sachs Group survey found that geopolitical factors have brought institutional investors' views on oil to the most pessimistic level in nearly 10 years, and the global market is facing an oversupply of oil. According to Goldman Sachs's survey, more than 59% of more than 1,100 customers covering all types of assets are bearish or slightly bearish on the crude oil market. This percentage is slightly above the lowest monthly level since records began in January 2016. Last year, crude oil prices recorded their worst performance since 2020 due to increased OPEC+ production, record production increases in the US, and increased supply from countries such as Brazil and Guyana. Oversupply is expected to expand further this year. If the Russia-Ukraine conflict ends, supply disruptions and sanctions on Russian crude oil are likely to be eliminated. Meanwhile, the US plans to control future oil sales in Venezuela and bring crude oil from this South American country to the market.

A Goldman Sachs Group survey found that geopolitical factors have brought institutional investors' views on oil to the most pessimistic level in nearly 10 years, and the global market is facing an oversupply of oil. According to Goldman Sachs's survey, more than 59% of more than 1,100 customers covering all types of assets are bearish or slightly bearish on the crude oil market. This percentage is slightly above the lowest monthly level since records began in January 2016. Last year, crude oil prices recorded their worst performance since 2020 due to increased OPEC+ production, record production increases in the US, and increased supply from countries such as Brazil and Guyana. Oversupply is expected to expand further this year. If the Russia-Ukraine conflict ends, supply disruptions and sanctions on Russian crude oil are likely to be eliminated. Meanwhile, the US plans to control future oil sales in Venezuela and bring crude oil from this South American country to the market.