FACTBOX-Goldman Sachs hikes 2025, 2026 average Brent price outlook
Writes throughout with Goldman Sachs, updates 2025 numbers and adds 2026 numbers in the table
Jan 31 (Reuters) - Goldman Sachs raised its Brent crude oil forecast for this year and the next on Friday, as the policies of U.S. President Donald Trump's new administration remain uncertain.
The investment bank increased its average Brent forecasts for 2025 and 2026 to $78 and $73 per barrel (bbl), up from $76 and $71 respectively, and it expects crude to hit $80 peak in April-May 2025, according to a note dated Thursday.
Additionally, Goldman Sachs lowered its forecast for OECD commercial stocks in 2025-2026 due to lower-than-expected oil supplies from non-OPEC countries, excluding the U.S., which led to a decrease in the current OECD stock estimate by 48 million barrels per day.
Goldman Sachs also mentioned that Brent could temporarily rise to $93 a barrel if sanctioned supply falls by 1 million barrels per day continuously for Iran and temporarily for Russia.
The bank indicated that Brent could temporarily surge to $93 a barrel if sanctioned supply from Iran falls by 1 million barrels per day continuously and Russia temporarily.
This comes after former U.S. President Joe Biden earlier this month imposed a wide-ranging package of sanctions on Russia's oil and gas revenues.
However, Goldman Sachs warned that Brent prices could drop to the low $60s in 2026 under a scenario of a 10% universal tariff, supported by Trump's commitment to impose 10% tariffs on all U.S. imports.
On Thursday, Trump stated he would soon decide whether to exclude Canadian and Mexican oil imports from the 25% tariffs he has vowed to impose on the countries' products on Saturday.
On Friday, Brent crude prices were trading around $76.7 a barrel.
The following is a list of the latest brokerage forecasts for 2025 average prices per barrel for Brent and WTI (in $ per barrel):
Brokerage/Agency | Brent | WTI | Forecasts as of | ||
2025 | 2026 | 2025 | 2026 | ||
Goldman Sachs | $78 | $73 | $75 | $69 | Jan. 31, 2025 |
Citi | $67 | $65 | $63 | $62 | Jan. 22, 2025 |
Deutsche Bank | $72 | $72 | $68 | $68 | Jan. 15, 2025 |
JP Morgan | $73 | $61 | $69 | $57 | Dec. 19, 2024 |
Barclays | $83 | - | $79 | - | Dec. 16, 2024 |
BofA | $65 | $63 | $61 | $59 | Dec. 06, 2024 |
Macquarie | $71 | $64 | $66 | $60 | Dec. 5, 2024 |
BMI | $78 | - | $79 | - | Nov. 07, 2024 |
NAB | $78 | - | - | - | Oct. 06, 2024 |
HSBC | $70 | - | $67 | - | Sept. 30, 2024 |
UBS | $75 | - | $71 | - | Sept. 16, 2024 |
DNB | $77 | - | - | Aug. 20, 2024 | |
Morgan Stanley | - | $70 | - | Jan. 13, 2025 | |
indicates end-of-period forecast
# current as of given date, may not indicate date of revision
For a table of crude price forecasts as per Reuters latest monthly poll, see OILPOLL
Related Articles
Amazon Stock Predictions for 2026 to 2030: Will They Exceed Expectations and Achieve Major Long-Term Goals?
TradingKey - As we head into 2026, many investors are questioning where Amazon (AMZN) fits into the technology world.
A Crash After a Surge: Why Silver Lost 40% in a Week?
TradingKey - Spot silver (XAGUSD) prices continue to decline. Silver plunged 20% on Thursday, breaking below $71 per ounce, with the sell-off intensifying on Friday as prices fell further below $64. Compared to the all-time high set on January 29, silver prices have retraced more than 40%, wiping out nearly all gains accumulated over the previous month.
Is Bitcoin’s Four-Year Cycle Dead in 2026?
Is the Bitcoin 4-year cycle dead? After 2025 broke historical records with a red post-halving year, institutional analysts explore if the Bitcoin price has decoupled from the halving countdown. Analyze the impact of spot ETFs, global liquidity, and the roadmap to the 2028 halving in this 2026 market
USD Dollar Trend Forecast: Dollar Index Falls Below 97.0 to 4-Year Low, Will the Dollar Continue To Fall or Bottom Out in 2026?
TradingKey - In January 2026, the US Dollar Index continued its downward trend from 2025, officially breaking below the key 97.0 level and reaching a low of 95.5, marking a nearly four-year low since February 2022.
