Goldman Sachs cut its forecast for Brent crude average prices in 2025 and 2026 on the back of accelerated crude output hikes by OPEC+ and uncertainty surrounding demand amid a tighter US trade policy stance.

 

In a note released Sunday, May 4, the bank projected Brent crude to average $60 per barrel through the end of this year and $56 in 2026, down by $2 from its previous estimates.

 

As for WTI crude, the bank cut its forecast by $3 per barrel, expecting prices to reach $56 and $52 by the end of 2025 and 2026, respectively.

 

According to the bank's analysts, OPEC+’s decision to speed up output increases for the second consecutive month aims to support long-term balance in global energy supply amid declining inventories.

 

The bank now expects OPEC+ to raise production by 410,000 barrels per day (bpd) in July, marking the third consecutive monthly increase, and exceeding its prior forecast of 140,000 bpd.

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