Goldman Sachs Expects Oil Prices to Ease as Supply Surplus Returns in Late 2026

By Public Technologies
  • Goldman Sachs forecasts moderating oil prices as global supply exceeds demand in the fourth quarter of 2026 and in 2027.
  • Dated Brent crude for delivery next month trades above $130 a barrel, while benchmark Brent futures have recently exceeded $100.
  • Spot Brent prices include a nearly $25 risk premium reflecting potential supply disruptions from further Middle East escalation.
  • Near-record-low global inventories support restocking demand, while portfolio hedging demand also helps keep oil prices elevated.
  • Higher non-Gulf production and weaker global demand have brought the oil market nearly into balance despite remaining Persian Gulf production shortfalls.


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