Bank cites rising non-OPEC output and China’s shift to electric vehicles as key drivers for lower oil prices next year.
Goldman Sachs lowered its 2027 Brent crude price forecast to $80 per barrel, citing stronger supply from non-OPEC producers and weaker demand led by China. The revision reflects expectations of accelerated production growth outside OPEC and Beijing’s push toward energy alternatives like electric vehicles.
The bank’s prior estimate was not disclosed, but analysts noted that over 10% of demand weakness could persist as China reduces oil reliance. Consensus forecasts for 2027 had previously hovered above $80, with some models projecting $85 or higher based on tighter supply assumptions.
No immediate market reaction was reported following the note’s release.