{"id":631422,"date":"2026-04-27T07:33:08","date_gmt":"2026-04-27T07:33:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/631422\/"},"modified":"2026-04-27T07:33:08","modified_gmt":"2026-04-27T07:33:08","slug":"goldman-sachs-raises-oil-price-forecast-yet-again","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/631422\/","title":{"rendered":"Goldman Sachs Raises Oil Price Forecast Yet Again"},"content":{"rendered":"<p class=\"speakable\">Goldman Sachs once again raised its outlook for oil prices, now seeing Brent crude at an average of $90 per barrel in the fourth quarter of the year, and West Texas Intermediate at $83 per barrel.<\/p>\n<p>At the time of writing, <a href=\"https:\/\/oilprice.com\/oil-price-charts\/\" rel=\"nofollow noopener\" target=\"_blank\">Brent crude<\/a> was trading at $106.68 per barrel, and <a href=\"https:\/\/oilprice.com\/oil-price-charts\/\" rel=\"nofollow noopener\" target=\"_blank\">WTI<\/a> was changing hands at $95.35 per barrel as negotiations between Iran and the United States remain on hold, with the restart uncertain.<\/p>\n<p>\u201cThe economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock,\u201d the bank\u2019s analysts said in a note over the weekend.<\/p>\n<p>This shock will start destroying demand for oil and, indeed, it already is, according to Goldman Sachs. The team expects global demand for oil to decline by 1.7 million barrels daily over the current quarter and by some 100,000 barrels daily over 2026 compared to 2025.<\/p>\n<p>\u201cBecause extreme inventory draws are not sustainable, even sharper demand losses could be required if the supply shock persists longer,\u201d the Goldman team wrote. The bank has estimated lost production in the Middle East at 14.5 million barrels daily as of this month.<\/p>\n<p>Meanwhile, ING commodity analysts <a href=\"https:\/\/think.ing.com\/articles\/the-commodities-feed-oil-moves-higher-amid-us-iran-stalemate270426\/\" rel=\"nofollow noopener\" target=\"_blank\">wrote<\/a> earlier today that \u201cThe lack of progress [on peace talks] means the market is tightening every day, requiring oil prices to reprice at higher levels. There\u2019s little alternative to fill a roughly 13m b\/d shortfall.\u201d<\/p>\n<p>Given the tightening of supply, prices will inevitably go higher, dampening demand prospects, Warren Patterson and Ewa Manthey also wrote. \u201cIn the short term, inventories help to fill the gap, whether commercial or strategic reserves. Clearly, the longer this persists, the more demand destruction we will need to see. To see further demand destruction, prices will need to move higher,\u201d they noted.\u201d<\/p>\n<p>By Irina Slav for Oilprice.com<\/p>\n<p>More Top Reads From Oilprice.com<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/The-Iran-War-Has-Upended-Global-LNG-Markets.html\" data-embargo=\"1774512000\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n","protected":false},"excerpt":{"rendered":"Goldman Sachs once again raised its outlook for oil prices, now seeing Brent crude at an average of&hellip;\n","protected":false},"author":2,"featured_media":631423,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[32475,45,49,48,234846,17496,15997,5897,1259,9891,218011,236360,16724],"class_list":{"0":"post-631422","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-brent-crude","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-demand-destruction","13":"tag-goldman-sachs","14":"tag-inventories","15":"tag-iran","16":"tag-middle-east","17":"tag-oil-prices","18":"tag-supply-shock","19":"tag-u-s-talks","20":"tag-wti"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/631422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=631422"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/631422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/631423"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=631422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=631422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=631422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}