GOLDMAN SACHS RAISES EXPECTS BRENT/WTI TO AVERAGE $65/61 IN 2027 AND TO RECOVER TO $70/66 BY DEC27 ON SOLID DEMAND AND SLOWING SUPPLY GROWTH

- GOLDMAN SACHS:

  • ASSUMES NO IRAN-RELATED DISRUPTION TO OIL SUPPLY AND MAINTAINS 2026 SURPLUS

  • RAISES BRENT/WTI FORECAST FOR 2026Q4 BY $6 TO $60/56 ON LOWER OECD STOCKS

  • EXPECTS BRENT/WTI TO AVERAGE $65/61 IN 2027 AND TO RECOVER TO $70/66 BY DECEMBER 2027 ON SOLID DEMAND AND SLOWING SUPPLY GROWTH

  • SEES POTENTIAL SANCTIONS RELIEF IN IRAN/RUSSIA ACCELERATING LANDED STOCK BUILDS, AND UNLOCKING HIGHER SUPPLY IN THE LONGER TERM, POSING $5/8 OF DOWNSIDE RISK TO 2026Q4 PRICES