Global Oil Markets – In a dramatic shift, Goldman Sachs has slashed its oil price forecast, citing rising OPEC+ supply and escalating global trade tensions. The investment giant now predicts Brent crude will average $69/barrel in 2025 — a 5.5% drop — while WTI drops to $66, down 4.3%.
Crude futures tumbled after President Trump’s surprise tariffs and eight OPEC+ countries announced a May production surge, nullifying hopes of tighter supply.
Goldman’s new forecast for 2026 is even grimmer: Brent at $62, WTI at $59. Analysts caution there could be further downward revisions amid looming recession fears.
“The risks to oil prices are clearly to the downside,” analysts warned, slashing demand growth estimates to just 600,000 barrels/day for 2025.
Source: orientalnewsng.com
