Goldman Sachs raises oil price forecasts for late 2026

Business Feb 23, 2026

Goldman Sachs just bumped up its oil price predictions for late 2026, now expecting Brent to hit $60 and WTI to reach $56 per barrel—both $6 higher than before.
This comes after OECD inventories turned out lower than expected.

Goldman sees OPEC+ gradually increasing production by Q2 2026

Goldman expects OPEC+ to begin gradually increasing production in the second quarter of 2026.
Even with slower growth in Asia and no supply hiccups from Iran, Goldman still sees a surplus of about 2.3 million barrels per day in 2026.

Potential price increases in 2027

Looking ahead, Goldman thinks prices could dip if sanctions on Iran or Russia are lifted and more oil hits the market quickly.
But if demand stays strong and supply growth slows down, Brent could average $65 (and WTI $61) in 2027—with a possible bump up to $70 and $66 by year-end.