Goldman Sachs raised its fourth-quarter crude oil price forecast for this year, stating that developed countries have low inventory levels.

Goldman Sachs has raised its fourth quarter crude oil price forecast for this year, citing low crude oil inventories in developed countries. Analysts at Goldman Sachs stated in their report on February 22 that they have raised their Brent crude futures price forecast for the fourth quarter by $6 to $60 per barrel, and also raised their WTI crude futures forecast by $6 to $56 per barrel. The analysts pointed out that inventories at the OECD oil pricing center are low. They said that 2026 may be the last year of concentrated release of incremental supply in this round, so their price forecast for 2026 is still lower than the forward level, but from 2028 onwards, the forecast price will be higher than the forward level. Goldman Sachs believes that oil prices may gradually fall, one reason being that their estimated $6 per barrel geopolitical risk premium may fade out as tensions ease, especially in the scenario of decreased risks related to Iran.