What are Goldman Sachs' unchanged 2026 average oil price forecasts for Brent and WTI, and what key assumption underpins them?

Goldman Sachs maintained its 2026 average oil price forecasts at $83 per barrel for Brent crude and $78 per barrel for WTI crude, assuming oil flows through the Strait of Hormuz—through which about 20% of the world’s oil and liquefied natural gas passes—gradually normalize by mid-May.

According to Goldman Sachs, what two main factors are driving softer global oil demand in early 2026, and where is this weakness most pronounced?

Goldman Sachs attributes softer global oil demand in early 2026 primarily to pronounced weakness in petrochemical feedstocks and jet fuel, driven by high refined product prices and margins; this demand weakness is most evident in emerging markets in Asia and Africa, where consumption is more price-sensitive.

Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook

Apr 17, 2026

Goldman Sachs maintains 2026 crude oil price forecasts at $83 Brent and $78 WTI, citing softer demand in petrochemicals and jet fuel amid geopolitical normalization risks.

reuters

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Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook

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