Goldman Sachs predicts Brent crude oil prices to average $76 per barrel in 2025 due to an expected oil market surplus.
Brent Crude oil prices are set to average $76 per barrel next year, down from an expected average of $80 a barrel in 2024, amid an expected surplus on the market, according to Goldman Sachs . “Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside. However, the risks of breaking out are growing,” the investment bank’s analysts wrote in a note carried by Reuters.
However, there is an upside risk to prices in the near term, if the U.S. enforces stricter sanctions on the Iranian oil industry and exports, according to Goldman Sachs. Brent Crude prices have the potential to spike to the mid-$80s early next year if Iran’s oil supply declines by about 1 million bpd in case of stricter sanction enforcement when Donald Trump becomes U.S. President, the bank’s analysts noted. Early on Friday, Brent Crude prices were up by 0.4% at $74.57, and the U.S.
Brent Crude Goldman Sachs Surplus OPEC Shale Iran Sanctions Ukraine Russia
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