Goldman Sees 4-5 Million Bpd Oil Demand Hit, Threatening $90 Brent Forecast
Updated
Updated · Reuters · Jun 5
Goldman Sees 4-5 Million Bpd Oil Demand Hit, Threatening $90 Brent Forecast
3 articles · Updated · Reuters · Jun 5
Summary
4 million to 5 million barrels per day of global oil demand was destroyed in April, Goldman Sachs said, a steeper drop than expected that puts two-sided pressure on its Q4 2026 oil price forecasts.
The bank linked the hit to the Strait of Hormuz closure and weak fuel consumption in China and Western Europe, citing soft April retail sales and analysis of refinery runs and other high-frequency indicators.
Goldman still sees Brent at $90 a barrel and WTI at $83 in the fourth quarter of 2026, but said weaker demand creates downside risk while a prolonged strait closure could tighten supply and lift prices.
Brent settled at $93.09 on Friday and WTI at $90.54, both falling more than 2% even as the market weighs demand destruction against potential supply losses.