7 July
Goldman Sachs cuts oil price forecast as OPEC+ ramps up production
Goldman Sachs has downgraded its 2025 price forecast for Brent crude by 5.5% to 69 per barrel and for WTI prices by 4.3% to $66. The bank attributes this adjustment to mounting risks from OPEC+ production hikes and escalating trade tensions stemming from US tariff policies.
The Wall Street institution also slashed its 2026 Brent crude price forecast by 9% to $62 per barrel, and for WTI by 6.3% to $59. Goldman Sachs analysts cautioned these projections could face further downward revisions should market conditions deteriorate.
Now, the bank’s experts expect an increase in oil consumption this year by only 600,000 barrels per day compared to their previous forecast of 900,000 barrels per day. In 2026, this figure is projected at 700,000 barrels.
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