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Goldman Sachs has revised its Brent crude oil price forecast for December 2025 down by $5 to $71 per barrel, citing slower demand growth and increased OPEC+ supply. The bank now expects oil demand growth of 0.9 million barrels per day in 2025, influenced by slower U.S. GDP growth and higher tariffs. Meanwhile, oil prices rose over 1% amid geopolitical tensions and economic stimulus plans in China, with Brent futures reaching $71.91 and WTI at $68.42.
Goldman Sachs has revised its crude oil price outlook, lowering its December 2025 forecast for Brent by $5 to $71 due to anticipated slower U.S. economic growth and increased OPEC+ supply. The bank warns of medium-term risks, including potential tariff escalations and the possibility of OPEC+ reversing supply increases if prices decline. Analysts believe the oil market will remain oversupplied this year, echoing sentiments from major commodity traders and the International Energy Agency.
Officials from Iraq, Russia, and Saudi Arabia convened in Baghdad to discuss energy markets ahead of the OPEC+ meeting. Iraqi Prime Minister Mohammed Shia Al-Sudani met with Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman to address key issues impacting the alliance.
Alexander Novak
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Goldman Sachs revises oil price forecasts amid demand concerns and OPEC supply increase
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Goldman Sachs lowers oil price forecast amid oversupply and economic concerns
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Iraq Russia and Saudi Arabia Discuss Energy Markets Ahead of OPEC Meeting
Saudi Aramco
Gazprom
SAU
IRQ
RUS
Alexander Novak
Abdulaziz bin Salman Al Saud
Mohammed Shia' Al Sudani
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12:41 26.11.2024
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