Goldman Sachs sees Brent crude sliding below $50 by late 2026

Goldman Sachs expects an average surplus of 1.8 million barrels per day from Q4 2025 through Q4 2026

Goldman Sachs expects Brent crude futures to fall below $50 a barrel by late 2026 as a growing supply glut weighs on the market.

In a note to clients, the bank forecast an average surplus of 1.8 million barrels per day from the fourth quarter of this year through the same period in 2026, pushing global inventories up by about 800 million barrels by the end of 2026.

OECD countries will account for roughly a third of those stockpiles, or 270 million barrels, Goldman said.

It added that the buildup, combined with weakening demand in OECD economies, would drive Brent’s fair value below its current level of more than $70 a barrel.