Goldman Sachs Reveals Global Oil Price Direction, Brent and WTI Forecast to Rise by Year-End

Goldman Sachs Reveals Global Oil Price Trends, Brent and WTI Forecast to Rise by Year-End

• dw

Jakarta, VIVA – Goldman Sachs has revised its global oil price forecast for the end of 2026. The global investment bank has increased its forecast for crude oil prices as oil reserves in developed countries are lower than previously estimated.

In its latest report, Goldman Sachs predicts that Brent oil prices will increase tenfold, from US$6 per barrel to US$60 per barrel in the fourth quarter of 2026.

The forecast for West Texas Intermediate (WTI) oil prices has also been revised upwards. The global financial institution has set a target price of US$56 per barrel by the end of 2026.

As reported by Oil Price on Wednesday, 25 February 2026, the change in Goldman Sachs’ target price for global crude oil is based on the low level of oil reserves in OECD member countries. This condition indicates that supply is tighter than previously estimated, even though the global market is still projected to experience a surplus.

Goldman Sachs estimates that the global oil market will have a supply surplus of around 2.3 million barrels per day in 2026. This projection is supported by the assumption that there will be no major supply disruptions, including from the Middle East or other geopolitical conflicts.

Another factor driving the revision is the potential for the OPEC+ alliance to increase oil production again in 2026. This step is being considered in line with market dynamics and the limited increase in global reserves throughout the year.

In the trading session on Monday morning, 23 February 2026, global oil prices weakened due to uncertainty over US trade policy following the US Supreme Court’s decision to overturn President Donald Trump’s reciprocal tariffs. WTI oil fell by about 1 per cent to US$65 per barrel, while Brent fell by 1 per cent to US$71 per barrel.

However, in recent weeks, oil prices have risen sharply due to increased geopolitical tensions, including the potential for military conflict between the US and Iran.

Although it still expects a supply surplus, Goldman Sachs sees the possibility of oil prices remaining at a relatively stable level until the end of the year, especially if there are no major supply disruptions globally.