Goldman Sachs forecasts $80 oil in 2027
Goldman Sachs forecasts that Brent crude could fall to an average of $80 per barrel in 2027, driven by recovering oil supplies from the Middle East and expectations of a global supply surplus.
The bank also raised its December 2026 Brent crude price forecast from $85 to $90. Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs, said a recovery in regional oil shipments could gradually push prices lower, although geopolitical risks remain elevated.
The bank expects a global oil supply surplus to emerge from the final quarter of 2026. The supply deficit, which reached 7.2 million barrels per day in March, is estimated to have narrowed to 300,000 barrels per day in September. Meanwhile, approximately $25 per barrel of Brent crude's current price is attributed to a geopolitical risk premium. Goldman Sachs warned that renewed escalation of conflicts in the Middle East could keep oil prices elevated for longer than currently anticipated.
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