Goldman Sachs has lowered its oil price forecasts due to rising global tariffs and increased oil supply from OPEC+ nations. The investment bank now predicts Brent crude will average $69 per barrel and WTI at $66 in 2025. For 2026, the estimates are even lower—$62 for Brent and $59 for WTI. These revisions come as the firm sees slower growth in oil demand, expecting it to rise by just 0.6 million barrels per day in 2025 and 0.7 million in 2026, compared to its earlier projection of 0.9 mb/d.
In its latest note, Goldman Sachs also cut its oil price outlook for December 2025 by $5, setting Brent at $66 and WTI at $62. A downward revision in global GDP growth is a major reason for this adjustment, contributing $3-4 to the price drop. The bank has also decided to stop offering a specific price range for oil going forward, warning that high price swings could continue due to the growing risk of a global recession.
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