Trending News: Goldman Sachs Says Global Oil Demand Takes Big Hit, Sees Risks to Price ForecastRussia’s Sechin Says U.S. Companies Benefit From the Closure of the Strait of HormuzOil Prices Fall on Mounting Hopes for De-Escalation in US-Iran WarCompanies to Add 40 Mln Barrels of Oil to US SPR After Iran War Ends, Energy Secretary SaysWhat Issues Do The US And Iran Need to Resolve for Any Peace Deal?US Energy Firms Add Rigs for Seventh Week in a Row, Says Baker HughesOil Prices Fall on Mounting Hopes for De-Escalation in US-Iran WarAuction of Oil Drilling Rights in Alaska Wildlife Refuge Draws Tepid ResponseAI Power Boom Revives Natural Gas as Infrastructure BetEU Says No Jet Fuel Shortage Coming Despite Middle East Supply LossUK Conservatives Blast Labour North Sea Ban as ‘Utter Madness’Australia’s 344-Million-Barrel Oilfield Could Finally Get the Green LightTrump Auction Opens Arctic Refuge Drilling Rights for First Time EverVanguard Renewables breaks ground on Minnesota RNG facilitySET Select Energy books first capacity for Hamburg ammonia import terminalEmbracing change on World Environment DayEmbracing change on World Environment DayOhmium and RenewCO2 partner on CO2-to-chemicals scale-upUS Oil Exports Surge, Draining Domestic Crude Inventories Toward Rock BottomCOAL POWER – Trump Directs Hundreds of Millions of Dollars to Support Coal Using Emergency PowersTrump Administration to Auction Oil Drilling Rights in Alaska Wildlife RefugeIndian Companies Eye Venezuelan Oil Fields as Imports Surge 51% in a MonthNorway Averts Offshore Strike as Workers and Industry Reach DealMalaysia’s Oil Production Fell 5.5% in Q1European bank lends €26m to Next Biogas to boost Latvia biomethaneIndian port joins H2Global to explore green hydrogen fuel exports to EuropeWeekly Tech Updates: KIT Maps Europe’s Hybrid Storage Future; Hoymiles Sets New Solar Efficiency Benchmark and More…Human Errors In Solar Plant O&M: Lessons From Real-World Case Studies And Risk Reduction StrategiesShaktishree brings new ASU online in IndiaVehicle-Integrated Solar Technology Could Cut Europe’s Grid Demand by 15.6 TWh AnnuallySouth Africa Launches PtX Development Standard To Accelerate Green Hydrogen InvestmentIran’s Oil Exports Collapse to Six-Year Low as Blockade TightensOman Oil Terminal Attack Rattles the Market’s Last Calm CornerJapan Plans to Replace Up to 14 Nuclear Reactors by 2050Why Is Oil Still Under $100?Mauritius Launches 220 MW Solar And Storage Tender To Accelerate Renewable Energy TransitionLNG prices to remain elevated ‘for 18 months’CPH2 pivots to IP strategy after factory test destroys membrane-less electrolyserECA LNG achieves first production in MexicoECA LNG achieves first production in MexicoVideo | The challenge of modernising medical gas infrastructureBetween cooperation and confrontation: Russia forges energy partnerships with global southIsrael’s H2Pro eyes first large-scale decoupled electrolyser plant in SpainDangote Breaks Ground on 700,000-Bpd Second Crude Processing UnitU.S. Oil Shocks Don’t Hit Like They Used To, Fed Study FindsMilitary action near nuclear plants puts external power needs in spotlightBlykalla applies for state aid for SMR plantJapan proposes replacement of up to 14 nuclear reactorsFirst criticality for US microreactor under DOE programmeRussia Admits Oil Output Is Falling as Ukrainian Drone Strikes Hits RefineriesKEPCO Wins $1.4-Billion power Project for $100-Billion Saudi Jafurah FieldTexas Power Demand Growth Nearly Five Times the Broader US, Report SaysIndia’s Nayara Completes Maintenance at 400,000-Bpd RefineryIranian, Russian Crude Premiums Slide as China Pulls Back on ImportsSouth Korea Boosts Jet Fuel Exports to Nine-Month HighIran Says ‘No Tangible Progress’ in Talks with U.S.1895 podcast: Entering the golden age of biomethaneHydrogen groups back calls for shipping fuel double-sided auctionsOil Falls After Lebanon and Israel Agree to CeasefireSEE WHERE THE US STANDS – These Countries Use the Most Electricity in the World – Visual CapitalistTexas Power Demand Growth Nearly Five Times the Broader US, Report SaysLicense to Drill Act Passes USA House of RepresentativesJCB joint venture reveals mobile hydrogen refuelling unitIndia’s Solar Boom Runs Into a Grid ReckoningPakistan Rushes to Secure LNG as Summer Power Demand SurgesIraq Revives Kurdistan Production in Bid to Rescue Oil RevenuesEuropean Bank For Reconstruction And Development Forecasts Slower Economic Growth Across Sub-Saharan Africa Amid Energy And Trade ChallengesMERC Approves ₹5.90/kWh Tariff For MSEDCL’s 2,500 MW Round-The-Clock Green Power Procurement In MaharashtraAvangrid Signs Solar Power Agreement With Microsoft For 140 MW Bluebird Project In WashingtonEuropean Bank For Reconstruction And Development Provides €18 Million To NLB Banka To Expand Business And Housing Finance In MontenegroKIT-Led StoRIES Project Maps Future of Hybrid Energy Storage for Europe’s Clean Energy TransitionAir Liquide invests €115m into French quantum processor startupSkytree to deploy direct air capture system for Dutch greenhouse CO2 supplySkytree to deploy direct air capture system for Dutch greenhouse CO2 supplyAir Products completes $70m Missouri membrane expansionTrump Plans $700 Million Push to Build Coal Plants, Export SiteKuwait Says Oil Output Won’t Recover for 10-12 Weeks After Hormuz ReopensOil Prices Dip as Israel-Lebanon Ceasefire Revives Iran Deal HopesTrump Plans $700 Million Lifeline for U.S. Coal Power PlantsUS Says Israel, Lebanon Agreed Truce on Hezbollah ConditionVideo | The future of home oxygen therapyTurbulent time – helium supply and the majorsMantle8 launches Pyrenees natural hydrogen search after winning five-year permitBlue Star Helium lands first formal offtake deal at Pinon CanyonDelta Midstream takes $5bn FID for first FLNG vesselBiofuels should bridge EU decarbonisation gap while green hydrogen scales: MoeveIraq Targets 770,000 bpd Through Ceyhan as Southern Output Climbs BackSouth Korea Locks In Canadian Crude, LNG in Sweeping Supply OverhaulDelfin Midstream Greenlights First US Floating LNG Export ProjectItalian bill on nuclear energy progressing through parliamentCeremony marks reclamation work on uranium sites in KyrgyzstanUS SMR developers announce partnershipsRefurbished Bruce unit back on the gridBelarus targets radioactive waste disposal facility by 2030Iraq Looks to Triple Pipeline Oil Exports as Hormuz Remains ClosedTrump Says Iran Has Agreed to Not Have a Nuclear WeaponUS Midwest Expected to See Record Number of New Power Plants in Next Five Years, Grid Operator SaysMany Airlines Hit Hard by Jet Fuel Price Swings, Not All Can Hedge, IATA SaysBlackRock-Backed Atlas Renewable Freezes $1 Billion in Brazil Solar ProjectsIranian Strike On Kuwait Airport Raises Stakes For Gulf States
Sat. Jun 6th, 2026
Trending News: Goldman Sachs Says Global Oil Demand Takes Big Hit, Sees Risks to Price ForecastRussia’s Sechin Says U.S. Companies Benefit From the Closure of the Strait of HormuzOil Prices Fall on Mounting Hopes for De-Escalation in US-Iran WarCompanies to Add 40 Mln Barrels of Oil to US SPR After Iran War Ends, Energy Secretary SaysWhat Issues Do The US And Iran Need to Resolve for Any Peace Deal?US Energy Firms Add Rigs for Seventh Week in a Row, Says Baker HughesOil Prices Fall on Mounting Hopes for De-Escalation in US-Iran WarAuction of Oil Drilling Rights in Alaska Wildlife Refuge Draws Tepid ResponseAI Power Boom Revives Natural Gas as Infrastructure BetEU Says No Jet Fuel Shortage Coming Despite Middle East Supply LossUK Conservatives Blast Labour North Sea Ban as ‘Utter Madness’Australia’s 344-Million-Barrel Oilfield Could Finally Get the Green LightTrump Auction Opens Arctic Refuge Drilling Rights for First Time EverVanguard Renewables breaks ground on Minnesota RNG facilitySET Select Energy books first capacity for Hamburg ammonia import terminalEmbracing change on World Environment DayEmbracing change on World Environment DayOhmium and RenewCO2 partner on CO2-to-chemicals scale-upUS Oil Exports Surge, Draining Domestic Crude Inventories Toward Rock BottomCOAL POWER – Trump Directs Hundreds of Millions of Dollars to Support Coal Using Emergency PowersTrump Administration to Auction Oil Drilling Rights in Alaska Wildlife RefugeIndian Companies Eye Venezuelan Oil Fields as Imports Surge 51% in a MonthNorway Averts Offshore Strike as Workers and Industry Reach DealMalaysia’s Oil Production Fell 5.5% in Q1European bank lends €26m to Next Biogas to boost Latvia biomethaneIndian port joins H2Global to explore green hydrogen fuel exports to EuropeWeekly Tech Updates: KIT Maps Europe’s Hybrid Storage Future; Hoymiles Sets New Solar Efficiency Benchmark and More…Human Errors In Solar Plant O&M: Lessons From Real-World Case Studies And Risk Reduction StrategiesShaktishree brings new ASU online in IndiaVehicle-Integrated Solar Technology Could Cut Europe’s Grid Demand by 15.6 TWh AnnuallySouth Africa Launches PtX Development Standard To Accelerate Green Hydrogen InvestmentIran’s Oil Exports Collapse to Six-Year Low as Blockade TightensOman Oil Terminal Attack Rattles the Market’s Last Calm CornerJapan Plans to Replace Up to 14 Nuclear Reactors by 2050Why Is Oil Still Under $100?Mauritius Launches 220 MW Solar And Storage Tender To Accelerate Renewable Energy TransitionLNG prices to remain elevated ‘for 18 months’CPH2 pivots to IP strategy after factory test destroys membrane-less electrolyserECA LNG achieves first production in MexicoECA LNG achieves first production in MexicoVideo | The challenge of modernising medical gas infrastructureBetween cooperation and confrontation: Russia forges energy partnerships with global southIsrael’s H2Pro eyes first large-scale decoupled electrolyser plant in SpainDangote Breaks Ground on 700,000-Bpd Second Crude Processing UnitU.S. Oil Shocks Don’t Hit Like They Used To, Fed Study FindsMilitary action near nuclear plants puts external power needs in spotlightBlykalla applies for state aid for SMR plantJapan proposes replacement of up to 14 nuclear reactorsFirst criticality for US microreactor under DOE programmeRussia Admits Oil Output Is Falling as Ukrainian Drone Strikes Hits RefineriesKEPCO Wins $1.4-Billion power Project for $100-Billion Saudi Jafurah FieldTexas Power Demand Growth Nearly Five Times the Broader US, Report SaysIndia’s Nayara Completes Maintenance at 400,000-Bpd RefineryIranian, Russian Crude Premiums Slide as China Pulls Back on ImportsSouth Korea Boosts Jet Fuel Exports to Nine-Month HighIran Says ‘No Tangible Progress’ in Talks with U.S.1895 podcast: Entering the golden age of biomethaneHydrogen groups back calls for shipping fuel double-sided auctionsOil Falls After Lebanon and Israel Agree to CeasefireSEE WHERE THE US STANDS – These Countries Use the Most Electricity in the World – Visual CapitalistTexas Power Demand Growth Nearly Five Times the Broader US, Report SaysLicense to Drill Act Passes USA House of RepresentativesJCB joint venture reveals mobile hydrogen refuelling unitIndia’s Solar Boom Runs Into a Grid ReckoningPakistan Rushes to Secure LNG as Summer Power Demand SurgesIraq Revives Kurdistan Production in Bid to Rescue Oil RevenuesEuropean Bank For Reconstruction And Development Forecasts Slower Economic Growth Across Sub-Saharan Africa Amid Energy And Trade ChallengesMERC Approves ₹5.90/kWh Tariff For MSEDCL’s 2,500 MW Round-The-Clock Green Power Procurement In MaharashtraAvangrid Signs Solar Power Agreement With Microsoft For 140 MW Bluebird Project In WashingtonEuropean Bank For Reconstruction And Development Provides €18 Million To NLB Banka To Expand Business And Housing Finance In MontenegroKIT-Led StoRIES Project Maps Future of Hybrid Energy Storage for Europe’s Clean Energy TransitionAir Liquide invests €115m into French quantum processor startupSkytree to deploy direct air capture system for Dutch greenhouse CO2 supplySkytree to deploy direct air capture system for Dutch greenhouse CO2 supplyAir Products completes $70m Missouri membrane expansionTrump Plans $700 Million Push to Build Coal Plants, Export SiteKuwait Says Oil Output Won’t Recover for 10-12 Weeks After Hormuz ReopensOil Prices Dip as Israel-Lebanon Ceasefire Revives Iran Deal HopesTrump Plans $700 Million Lifeline for U.S. Coal Power PlantsUS Says Israel, Lebanon Agreed Truce on Hezbollah ConditionVideo | The future of home oxygen therapyTurbulent time – helium supply and the majorsMantle8 launches Pyrenees natural hydrogen search after winning five-year permitBlue Star Helium lands first formal offtake deal at Pinon CanyonDelta Midstream takes $5bn FID for first FLNG vesselBiofuels should bridge EU decarbonisation gap while green hydrogen scales: MoeveIraq Targets 770,000 bpd Through Ceyhan as Southern Output Climbs BackSouth Korea Locks In Canadian Crude, LNG in Sweeping Supply OverhaulDelfin Midstream Greenlights First US Floating LNG Export ProjectItalian bill on nuclear energy progressing through parliamentCeremony marks reclamation work on uranium sites in KyrgyzstanUS SMR developers announce partnershipsRefurbished Bruce unit back on the gridBelarus targets radioactive waste disposal facility by 2030Iraq Looks to Triple Pipeline Oil Exports as Hormuz Remains ClosedTrump Says Iran Has Agreed to Not Have a Nuclear WeaponUS Midwest Expected to See Record Number of New Power Plants in Next Five Years, Grid Operator SaysMany Airlines Hit Hard by Jet Fuel Price Swings, Not All Can Hedge, IATA SaysBlackRock-Backed Atlas Renewable Freezes $1 Billion in Brazil Solar ProjectsIranian Strike On Kuwait Airport Raises Stakes For Gulf States
Sat. Jun 6th, 2026

Goldman Sachs Says Global Oil Demand Takes Big Hit, Sees Risks to Price Forecast

goldman sachs june 2026 1200x810

Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel.

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The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil demand destruction in April, as the closure of the Strait of Hormuz to oil tankers appeared to have reduced global demand by 4% to 5%.

The decline in demand was driven by weaker consumption, particularly in China and Western Europe, where April retail fuel sales reports were soft, Goldman Sachs said.

The bank’s estimates were based on three different approaches, including an analysis of global refinery runs, high-frequency measures of oil demand, and estimates from other forecasters and trading houses.

While the demand decline poses downside risks to oil prices, Goldman Sachs also noted that there are significant upside risks if the strait remains closed and global supplies slump further.

On Friday, Brent crude futures settled at $93.09 a barrel, down $1.94 or 2.04%. U.S. West Texas Intermediate crude finished at $90.54 a barrel, down $2.50, or 2.69%.29dk2902l

(Reporting by Pooja Menon in Bengaluru; Editing by David Gregorio)

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