(Reuters) -Goldman Sachs raised its oil prices on Monday in the second half of 2025, citing oil failure to organize supply, economic cooperation and development of Russia.
The bank expects $ 66 to $ 66 per barrel in 2025, $ 5 of its previous prediction, and WTI – $ 63. 2026 forecasts remain unchanged for $ 56 Brent, and $ 52 for WTI.
“Our unchanging 2026 prices reflect more than 1.7 million barrels wide than 1.7 million barrels over higher than 1.7 million barrels,” the bank said. It used to expect a surplus of 1.5MB.
Goldman Sachs now expects the organization of OPEC +, oil exporting countries and allies to reduce 2.2 MBPs to September, including the final 0.55 MBPD.
Goldman flagged a number of possible results. The decline in Iranian supply may push up to $ 90, while China has increased by such countries in 2023 – 1,65 MBPD OPEC + cut.
“The reduction of equipment increases our confidence that the prices will be perceived after 2026,” Goldman said.
It is based on a long-term Iragé in factors, including decline investments, a lack of new non-opec projects above 2026 and in the next decade.
Goldman reaffirmed his careful position on 2026 and continues to advise the risk against hedging.
“We still recommend buying oil (or spread spread) and sell calls,” the investors are selling $ 20 to buy $ 55.45.
(Reports Noah John and Sherry Elizabeth Schwts in Bengaluru; Editing Mark Dorn and Barbara Lewis)