Quick overview

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Goldman Sachs predicts that Brent crude futures contracts will drop to the low $50s per barrel by the end of 2026. “We anticipate that the oil surplus will increase and average 11.8 million barrels per day in 2025 Q4 (through) 2026 Q4, creating a nearly 800 million barrel increase in global stocks by the end of 2026,” .

The investment bank stated. It predicted that in 2026, the 270 million barrels of stored oil in Organization for Economic Co-operation and Development member nations would make up one-third of the world’s total supply.

It claimed that when combined with decreased demand in OECD nations, Brent’s fair value would drop from the current mid-$70s. For the remainder of 2025, Brent prices are expected to remain close to forward contract prices, according to Goldman, but they are expected to drop below them the following year as the OECD stock market continues to rise.

However, it stated that the 2026 Brent average would rise by $6 a barrel in comparison to the bank’s baseline of $62 if the growth of Chinese stock were to accelerate to 0.8 million barrels per day from 0.4 million barrels per day in the year to date.

Brent crude futures contracts were trading at about $67 per barrel. Futures contracts for West Texas Intermediate Crude were trading at $63.