Goldman Sachs lowers forecast for Brent crude price to $69 in 2025

Oil drilling rigs

Goldman Sachs cut its forecast for Brent crude average prices in 2025 and 2026 on the back of concerns about the increased output of the OPEC+ countries and the global trade war that raises recession fears.

In a note released today, April 4, Goldman Sachs cut its forecast for Brent crude prices this year by 5.5% to $69 a barrel and for WTI prices by 4.3% to $66.

For 2026, the US investment bank further reduced its projections, cutting Brent by 9% to $62 a barrel and WTI by 6.3% to $59, Reuters reported.

The bank warned of a further cut, especially for the next year due to increased recession risks and to a lesser extent to the rise in OPEC+ supplies.

The investment bank now anticipates oil demand for 2025 to be between 600,000 and 700,000 barrels per day, down from its earlier forecast of 900,000 barrels per day. Demand growth is projected to accelerate to 700,000 barrels per day in 2026.