Goldman Sachs lowers its 2027 forecast for Brent oil prices to $80 per barrel.

Goldman Sachs Group has lowered its Brent crude oil price forecast for 2027 by $5 to $80 per barrel, citing increased supply and decreased demand. Analysts at Goldman Sachs stated that with the UAE's withdrawal from OPEC, they expect an increase in supply from that country and the Americas next year. After the reopening of the Strait of Hormuz, demand is likely to rebound significantly, but Goldman Sachs forecasts that "demand will continue to be soft, accounting for just over 10% as China accelerates its transition to alternative energy." Goldman Sachs currently predicts that oil exports from Persian Gulf producing countries will normalize by the end of August, compared to a previous forecast of June. The report predicts a global oil supply gap of 5 to 6 million barrels per day in the second quarter of this year, with a decrease in demand of around 5 million barrels per day without conflict, resulting in a surplus of over 4 million barrels per day.