Goldman Sachs cuts oil price outlook

Goldman Sachs lowered its outlook for Brent and US crude prices, citing a potential slowdown in oil demand growth and an anticipated rise in OPEC+ supply.

The bank expects Brent crude to reach $71 per barrel by December 2025, down $5 from its previous estimate. US crude is projected to hit $67 per barrel.

For 2026, Goldman Sachs cut its Brent forecast to $68 per barrel from $73 and lowered its US crude outlook to $64 from $68.

Oil demand is currently expected to grow by 0.9 million barrels per day (Mb/d) this year, down from 1.1 Mb/d previously, as US GDP growth slows with rising tariffs.

A slight increase in OPEC+’s supplies is also expected, with production increases starting in April.