Goldman Sachs cuts oil price forecasts amid tariff concerns and rising OPEC+ supply

Goldman Sachs has lowered its oil price forecasts, citing concerns over escalating trade tariffs and a slight increase in supply from OPEC+ producers.

• Sees Brent crude averaging $69 per barrel and WTI at $66 in 2025, with further declines to $62 and $59, respectively, in 2026. These projections are $4 below the forward-curve implied averages for 2026.
• Goldman also cut its December 2025 Brent and WTI forecasts by $5, to $66 and $62, respectively.
• Warned that risks to these revised forecasts are skewed to the downside, particularly for 2026, as global economic headwinds and geopolitical uncertainty weigh on demand expectations.

There was similar from Barclays earlier:

• Barclays lowers Brent crude outlook amid trade tensions, downside risk to its $74 forecast

This article was written by Eamonn Sheridan at www.forexlive.com.