05.05.2025 11:31
Recently, fluctuations in oil prices have continued. According to the latest developments, oil prices have experienced a sharp decline. Following a decrease of approximately 3.8%, financial giants have also revised their price expectations for 2025 downward, with $56 being mentioned for the first time.
The decision of the eight member countries of the Organization of the Petroleum Exporting Countries (OPEC+) to increase production has led to a drop in oil prices of over 3%. Financial giants Goldman Sachs and Barclays have also lowered their oil price forecasts for 2025. In morning trading in Asia, West Texas oil was trading at $56.08 per barrel, down 3.8%, while Brent North Sea Crude was trading at $59.17 per barrel, down 3.5%.
$56 BEGINS TO BE DISCUSSED
Banking giant Barclays, citing OPEC+'s decision to accelerate oil production increases, has lowered its Brent oil price forecast for 2025 by $4 to $66 per barrel, and for 2026 by $2 to $60 per barrel. Goldman Sachs, which had previously announced average price forecasts of $63 and $58 per barrel for Brent crude oil in 2025 and 2026, respectively, has revised these forecasts to $60 and $56 per barrel. Goldman announced that the average forecast for West Texas oil for the remainder of 2025 is $56 per barrel, while its expectation for 2026 is $52 per barrel. The previous forecasts were $59 per barrel and $55 per barrel, respectively.