What is Goldman Sachs' assessment of the scale and cause of global oil demand destruction in April 2026?

Goldman Sachs estimated 4 million to 5 million barrels per day (mb/d) of global oil demand destruction in April, equivalent to a 4%–5% reduction driven primarily by weaker consumption in China and Western Europe, as reflected in soft April retail fuel sales reports.

How does Goldman Sachs' revised demand outlook affect its Q4 2026 oil price forecasts for Brent and WTI crude?

The unexpected decline in global oil demand poses two-sided risks to Goldman Sachs' fourth-quarter 2026 price forecasts—$90/barrel for Brent and $83/barrel for WTI—with downside pressure from demand destruction but upside potential if the Strait of Hormuz remains closed and global supplies tighten further.

Goldman Sachs Says Global Oil Demand Takes Big Hit, Sees Risks to Price Forecast

Jun 5, 2026

Goldman Sachs reported a significant decline in global oil demand driven by weak consumption and geopolitical risks, revising its Q4 2026 price forecasts amid market volatility.

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