Sign in
Goldman Sachs sees Brent crude prices staying at USD 70-85 per barrel this year, despite a supply deficit and geopolitical turmoil, Reuters reports, citing the bank’s note. Goldman maintained its 2025 Brent forecast at an average of USD 76 / bbl, potentially rising to the mid-USD 80s in 1H 2025 if Iranian oil supply drops amid stricter sanctions. For 2026, Goldman trimmed its forecast to USD 71 / bbl, anticipating a surplus of 0.9 mn barrels per day (bbl / d).
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
Sustained demand momentum: “While there is ample spare capacity in oil production, we expect refining to remain quite tight and gasoline and diesel margins to recover further,” the investment bank said, adding that long-term demand for oil remains strong due to rising energy demand, GDP growth, and ongoing challenges in decarbonization efforts across aviation and petrochemical sectors.
IN OTHER OIL NEWS-
Is Opec+ set for a third consecutive online meeting? Opec+ may opt for an online meeting for its upcoming gathering on 1 December in Vienna as most delegates have not received in-person invitations yet, Bloomberg reports citing sources it says are in the know. Citigroup and JPMorgan Chase are doubtful that Opec+ will follow through with output increases this year, estimating that it could lead to prices dropping below USD 60 / bbl, a scenario that would strain Saudi Arabia’s finances.
Why it matters: For the Kingdom to avoid running a budget deficit, officials need to see an average selling price of USD 96.20 / bbl and produce about 9.3 mn bbl / d, according to the IMF, the business information service reports in a separate story. This is 21% up from the lender’s October forecast.
