Crude oil outlook: Due to weak demand and increased supply from OPEC+, Goldman Sachs reduces its Brent year-end prediction by $5.

In light of slower growth prospects for oil demand and predictions of increasing OPEC+ supply, Goldman Sachs has reduced its December 2025 and average 2026 projections for Brent and WTI crude oil prices.

In a note released on Sunday, the bank stated that it expects WTI to be $67 and Brent to be $71 per barrel in December, which is $5 less than its earlier prediction. Additionally, it lowered its average Brent projection for 2026 from $73 to $68 and WTI from $68 to $64 as well.

With slower U.S. GDP growth and increased tariffs, Goldman Sachs has revised its 2025 oil demand growth forecast from 1.1 million barrels per day (mb/d) to 0.9 mb/d.

With OPEC8+ production increases anticipated to begin in April rather than July, it anticipates a somewhat higher OPEC+ supply.

In 2025, Russia is anticipated to produce between 515 and 520 million metric tons of oil, according to Deputy Prime Minister Alexander Novak's statement on Tuesday. He went on to say that this year's oil processing volume would be more than 2024's.

Since the market won't be impacted by the anticipated increase in OPEC oil supply of 100,000 barrels per day, Novak thinks that the global oil market is now balanced and will remain so in April.