Goldman Boosts Oil Price Forecasts on Lower OECD Stocks

Goldman Sachs has increased its oil price forecasts for the fourth quarter of 2026, citing lower OECD stocks. The bank raised its Brent and West Texas Intermediate crude forecasts by $6 to $60 and $56 respectively.

The new projections reflect a gradual easing of geopolitical tensions and rising stock levels in the Organisation for Economic Co-operation and Development (OECD). Goldman maintains its view of a surplus this year, assuming no Iran-related supply disruption and no Russia-Ukraine peace.

For 2026, Goldman expects Brent to average $64 a barrel, up from $56 previously, and WTI to average $60, up from $52. The bank also downgraded its supply outlook for several countries due to production misses, but upgraded expectations for the Americas and core OPEC nations.