Goldman Sachs expects Brent crude to average between $70 and $85 per barrel next year, citing high spare production capacity as factor for keeping a lid on prices, regardless of the actual physical supply situation. In a recent update, the investment bank noted the perception of an oversupplied market among traders as one reason for its price forecast, which sees the average for Brent crude at $76 for 2025.
It added, however, that the downward potential for prices is just as limited, citing the “price elasticity of OPEC and shale supply”.…Goldman Sachs Expects No Change in Oil Prices Next Year
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