Goldman Sachs keeps 2027 Brent average at $80 amid supply risks

In its December 2026 outlook, Goldman Sachs left the average Brent price for 2027 unchanged at $80 a barrel. The decision follows an assessment of supply‑related risks, lower inventory levels and the effect of global interest‑rate trends on oil financing.

The report emphasizes that while the short‑term price may swing, the longer‑term average is anchored by expectations of a modest slowdown in the risk premium and a gradual rebalancing of physical inventories. The firm also projects that West Texas Intermediate (WTI) will trade at $81 per barrel in December 2026 and decline to $73 in 2027, a gap driven by higher shipping costs from the United States to Europe.