Goldman Sachs has revised its oil price forecasts for late 2026, increasing its Q4 Brent and WTI projections to $60 and $56 per barrel, respectively.
This upward adjustment, driven by lower-than-expected OECD inventories, represents a $6 increase for both benchmarks. Despite this revision, Goldman maintains its assumption of a global market surplus for 2026, contingent on no major geopolitical disruptions, particularly concerning Iran.
The bank anticipates firmer prices in 2027, projecting average Brent/WTI at $65/$61, with a further rise to $70/$66 by December 2027, supported by solid demand growth and moderated non-OPEC supply expansion. However, Goldman highlights a significant downside risk of $5 per barrel for Brent and $8 for WTI in its 2026 Q4 forecasts should sanctions relief for Iran or Russia lead to increased supply.
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