Based on the assumption of OPEC+ supply increase, Goldman Sachs lowered its oil price forecast.

Three members of Goldman Sachs' commodity research team stated in a report that they have lowered their oil price forecasts under the assumption of increased supply from OPEC+. OPEC+ decided on Saturday to increase production by 411,000 barrels per day in June, in line with Goldman Sachs' base case. Goldman Sachs currently forecasts that OPEC+ will increase its final production by 410,000 barrels per day in July, compared to the previous forecast of 140,000 barrels per day. Goldman Sachs predicts that Brent crude oil prices will average $60 per barrel for the rest of 2025, and $56 per barrel in 2026, compared to previous expectations of $63 per barrel and $58 per barrel respectively. Goldman Sachs also forecasts that the average price of WTI crude oil will be $56 per barrel for the rest of 2025, and $52 per barrel in 2026, compared to previous forecasts of $59 per barrel and $55 per barrel respectively.