What is Goldman Sachs' revised 2027 average Brent oil price forecast, and what are the main reasons cited for the downward revision?

Goldman Sachs lowered its 2027 average Brent oil price forecast to $80 a barrel, citing stronger supply growth — particularly from the United States, Brazil, Guyana, Venezuela, and the UAE — and persistent demand weakness, especially driven by structural shifts in China, including its accelerating transition to alternatives like electric vehicles (EVs), with the bank estimating that just over 10% of the demand weakness persists.

What are Goldman Sachs' key upside and downside price scenarios for Brent oil, and what conditions would trigger them?

Goldman Sachs outlined significant price volatility risks: in an adverse scenario where Strait of Hormuz export disruptions persist longer, Brent could average just above $110 in late 2026 and reach $140 in 2027; conversely, faster supply normalization and weaker demand could push prices down to around $70 in late 2026 and $60 in 2027.

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Goldman lowers 2027 Brent oil forecast on supply growth, demand risks

Jun 11, 2026

Goldman Sachs cut its 2027 Brent oil forecast to $80/barrel due to supply growth and demand weakness. Prices may range from $60 to $140 based on geopolitical risks and export normalization.

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