Goldman: Gulf Oil Exports Recover to 2025 Levels Amid High Risk Premiums

Key Facts

1Goldman Sachs estimates Persian Gulf oil exports recovered to 22-23 mb/d, broadly in line with their 2025 average.

2Physical Dated Brent prices remain very high as buyers pay premiums for prompt barrels to rebuild depleted inventories.

3Goldman Sachs expects Brent prices to ease to $85 by year-end and $80 in 2027.

Goldman Sachs estimates that Persian Gulf oil exports have recovered to between 22 and 23 million barrels per day, broadly in line with the 2025 average. According to reports citing the bank, physical Dated Brent prices remain very high as buyers pay premiums for prompt barrels to rebuild depleted inventories despite the increase in supply.

Goldman Sachs expects Brent prices to ease to $85 by the end of the year and $80 in 2027. In equity markets, GS closed at $895.32 and JPM closed at $332.99 on October 9, 2026, while peer stocks such as BAC closed at $54.32 on the same date.