Goldman Sachs' 2026 Oil Price Forecasts and Report

Goldman Sachs Analysis on the Global Oil Market

The American investment bank Goldman Sachs has announced that the long-anticipated surplus supply in the oil market has begun to emerge gradually, taking into account comprehensive global data and the official oil stock figures from the International Energy Agency (IEA) and the United States.

Increase in OECD Stocks

Analysts note that visible commercial oil stocks in OECD countries have increased by 340,000 barrels per day since the beginning of the year, and this increase constitutes a quarter of the total stocks.

Rise in Stock Share

Furthermore, this share is expected to rise to one-third by the end of the year.

2026 Oil Price Forecasts

Goldman Sachs predicts that the price of Brent crude oil will fall to 52 dollars per barrel by the 4th quarter of 2026.

Risks in Russia's Production

Attacks on Ukraine's energy infrastructure create downward risks for Russia's oil production. This situation may introduce upward risk factors in Goldman Sachs's forecasts.

Speed of Price Declines

Although the outlook appears to be on a downward trend, it is anticipated that price declines in oil will be slow due to the fact that the upcoming stock increases have already been priced in and the strong performance of diesel refinery margins supports demand.