Goldman Sachs has revised its Brent crude oil price forecast upward for the second and third quarters of 2019, citing stronger-than-expected demand and persistent supply disruptions.

The investment bank now projects Brent to average $75 a barrel in both the second and third quarters, a $5 increase from its previous forecast. This adjustment reflects a tightening global oil market driven by robust consumption and continued outages in several key producing regions.

Analysts at Goldman Sachs noted that the voluntary production cuts by OPEC and its allies, coupled with involuntary disruptions in countries like Venezuela and Iran, have significantly reduced global oil supply. Furthermore, they highlighted that global oil demand has remained resilient, despite concerns about a potential economic slowdown.

The report also indicated that while U.S. shale production is expected to continue growing, its impact on global oil balances is likely to be offset by the aforementioned supply constraints. Goldman Sachs will continue to monitor geopolitical developments and macroeconomic indicators to refine its oil price forecasts in the coming months.