Goldman cuts oil price forecasts on OPEC+ supply, recession risks

Shafaq News/ Goldman Sachs has revised its oil price forecasts downward, citing risks from increased OPEC+ supply and a potential global recession driven by trade tensions.

The bank lowered its 2025 Brent crude average price estimate by 5.5% to $69 per barrel and WTI by 4.3% to $66. It also cut its 2026 projections, reducing Brent by 9% to $62 and WTI by 6.3% to $59, warning of possible further declines.

"The risks to our reduced oil price forecast are to the downside, especially for 2026, given growing risks of recession and to a lesser extent of higher OPEC+ supply," Goldman analysts stated.

As of 0408 GMT on Friday, Brent crude was trading at $69.59 per barrel, while WTI stood at $66.39.

Crude prices posted their biggest drops since 2022 on Thursday after US President Donald Trump imposed new tariffs on multiple nations, and eight OPEC+ members accelerated plans to ease production cuts by increasing output in May.