Goldman Sachs has revised down its estimate for oil prices next year, basing the revision on expectations of stronger supply and weaker demand. The bank sees Brent crude averaging $80 per barrel in 2027, thanks to a ramp-up in production across major non-OPEC producers and China’s diversification away from oil. “We assume that just over 10% of the demand weakness persists as China's shift to alternatives (e.g., EVs) accelerates,” the bank’s analysts said in a note, as quoted by Reuters.