Goldman Sachs has cut its 2025 oil price forecasts, citing rising supply from OPEC+ and growing fears that a global trade war could tip economies into recession.
Brent crude is now expected to average $69 a barrel this year, down 5.5%, while WTI has been revised to $66, a 4.3% cut.
The bank also lowered its 2026 outlook for Brent by 9% to $62, and WTI by 6.3% to $59, warning that further downgrades are possible.
The move follows a sharp sell-off in crude after Trump’s sweeping tariffs and OPEC+ members surprised markets by advancing plans to increase output.
Goldman now sees global oil demand growing by just 600,000 barrels per day this year.