Goldman Sachs sees Brent averaging $88/bbl in 2027

The significance here is the size of the gap between Goldman's base case and its own upside scenario, which hinges almost entirely on Gulf supply volumes rather than demand. That makes the call less a price forecast than a supply-risk map, and it matters most for anyone with exposure to crude-linked costs or inflation assumptions. Whether Middle East output actually rises through ship-to-ship transfers and pipeline expansions is the open question, since the forecast's credibility rests on those mechanisms delivering.