Goldman Lowers Oil Price Views on Slower Demand Growth, Higher OPEC+ Supply

SEATTLE (Oil Monster): Goldman Sachs has lowered its December 2025 and average 2026 forecasts for Brent and WTI crude oil prices, citing slower oil demand growth prospects and expectations of higher OPEC+ supply, it said in a note dated on Sunday.

The bank expects Brent at $71 per barrel in December, down $5 from its previous forecast, and sees WTI at $67.

It also cut its 2026 average Brent forecast to $68 from $73, and WTI to $64 from $68.

The bank said it now expects oil demand growth of 0.9 million barrels per day (mb/d) in 2025, down from 1.1 mb/d previously, incorporating slower U.S. GDP growth on higher tariffs.

Goldman added that it expects somewhat higher OPEC+ supply and that it expects OPEC8+ production increases to start in April, compared to July previously.

Brent crude futures were trading 40 cents higher at $70.98 at 2208 GMT on Monday.

Courtesy: www.reuters.com