Goldman Sachs published a research report that lowered the international WTI crude oil forecast for this year and next year, lowering the 2010 forecast from 90 to 82 US dollars per barrel and the 2011 forecast from 110 to 100 yuan, to reflect that there are some uncertainties in the global economy, but they are still optimistic about the medium-term trend of oil prices, indicating that the recent increase in global demand for oil is already greater than the increase in supply in non-oil countries.

Goldman Sachs lowered the target price of Chinese oil stocks to reflect factors predicting oil prices (see attached table), but it is still optimistic about China National Offshore Oil (00883-HK) and CITIC Resources (01205-HK), targeting prices of 15.3 yuan and 2.1 yuan respectively, indicating that the current valuation only reflects the price of 68 to 75 US dollars per barrel of oil.

Goldman Sachs pointed out that oil stocks will be a favorable catalyst in the coming months, including the Chinese economy's expected “soft landing”, which will keep oil price demand stable, while the recovery in oil demand in Europe, America, and Japan is also positive for the industry.