Goldman Sachs Predicts Average Brent Crude Oil Price of $88 in 2027

Goldman Sachs predicts that the average price of Brent crude oil will be $88 per barrel in 2027. Supply shocks from the Middle East and a harsh winter could lead to a surge in energy prices. Energy destocking and fuel transition, particularly in China, will help the global economy navigate through the supply tightness. It is expected that measures such as ship-to-ship transfers and pipeline expansions will further increase oil production in the Middle East, with production in 2027 projected to be 1,100,000 barrels per day higher than in 2025. If the average production in the Gulf region in 2027 remains 2,500,000 barrels per day lower than the average level in 2025, Brent crude oil prices could rise above $130 in early 2027, with an annual average price around $120.

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