Goldman Sachs Cuts 2027 Oil Price Estimate on Demand Uncertainty

Goldman Sachs has revised down its estimate for oil prices next year, basing the revision on expectations of stronger supply and weaker demand. The bank sees Brent crude averaging $80 per barrel in 2027, thanks to a ramp-up in production across major non-OPEC producers and China’s diversification away from oil. “We assume that just over 10% of the demand weakness persists as China's shift to alternatives (e.g., EVs) accelerates,” the bank’s analysts said in a note, as quoted by Reuters. “We now