How Far Can Brent and WTI Fall in an Oversupplied Market?

Last month, Goldman Sachs commodity analysts said they expected Brent crude to average $56 per barrel in 2026, with West Texas Intermediate at $52, citing, once again, an oversupplied market. Yet it was Goldman again that quickly adjusted its oil demand growth outlook following the International Energy Agency’s revision of peak oil demand projections. In the update, made in November, Goldman dropped its prediction of peak oil demand growth by 2034, now expecting demand to continue growing until at least 204 ...