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The investment bank said: “We maintain our annual expectations for average Brent oil prices at $76 per barrel in 2025 and $71 per barrel in 2026, and our range is between $70 and $85.”
I’m back OPEC+which includes the Organization of the Petroleum Exporting Countries and allies including Russia, yesterday, Thursday, the start of oil production increased for the period of three months to April.
Goldman Sachs attributed its decision to reasons such as the drop in Brent prices to between $70 and $75 this year, a tendency for crude oil inventories to rise in the first quarter due to refinery maintenance and uncertainty about the impact of the administration of US President-elect Donald Trump on the global oil balance. .
The bank expects Saudi oil inventories to rise to 9.25 million bpd by the end of 2025, with OPEC+ output increasing for four months from July.
Goldman Sachs expects a modest surplus of 400,000 bpd in 2025 as supply increases from non-OPEC countries, led by the US, Canada and Norway, offset supply cuts from OPEC and Russia.
Goldman Sachs added: “We still expect prices to rise in the near term due to factors including a possible decline in Iranian inventories, but there are risks that could push them lower in the medium term, such as large overcapacity and possibly wider US tariffs.”
However, Morgan Stanley and HSBC lowered their expectations for a surplus in the oil market next year and expected the price of Brent oil to reach $70 a barrel.
