Barclays, Goldman Sachs cut oil price forecasts for 2025–2026 on OPEC+ supply shift

Barclays and Goldman Sachs have lowered their oil price forecasts for 2025 and 2026 following OPEC+’s decision to accelerate production increases.

"The tariff situation is certainly pressuring the market, but the OPEC+ pivot toward higher output is also a key factor behind the recent decline in prices," Barclays wrote in a note.

Barclays cut its Brent crude forecast for 2025 to $66 per barrel from $70 and for 2026 to $60 from $62.

Goldman Sachs now expects Brent to average $60 in the remainder of 2025, down from $63, and $56 in 2026, down from $58. It also revised its WTI forecast to $56 from $59 for 2025 and to $52 from $55 for 2026.