Goldman Sachs ups 2027 oil forecast
Goldman Sachs forecasts that oil prices could surpass $120 per barrel by 2027 if Gulf exports remain 4 million barrels per day below pre-war levels. This projection is due to the decline in production, which may drive the market towards a significant rise. Current production in the Middle East has decreased to approximately 11 million barrels per day, compared to 18 million barrels before the Iran war erupted. The risks are increasing due to Houthi attacks on Saudi energy facilities and reduced shipping traffic through the Strait of Hormuz. Meanwhile, futures prices have risen amid fears of supply disruptions, with expectations that non-OPEC unplanned production could increase by 1.4 million barrels per day from outside the organization to offset part of this shortfall.
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