Goldman Sachs says global oil demand takes big hit, sees risks to price forecast

Goldman Sachs said global oil demand has declined more than expected, creating two-sided risk to its Q4 2026 forecasts of $90/bbl Brent and $83/bbl WTI. The note implies softer demand conditions could pressure price expectations, though the call is still framed as a risk assessment rather than a full forecast cut. The main impact is on oil market sentiment and analyst price outlooks.

Analysis

Goldman Sachs said global oil demand has declined more than expected, creating two-sided risk to its Q4 2026 forecasts of $90/bbl Brent and $83/bbl WTI. The note implies softer demand conditions could pressure price expectations, though the call is still framed as a risk assessment rather than a full forecast cut. The main impact is on oil market sentiment and analyst price outlooks.