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Oil wells pumping outside of Midland Texas. Joe Sohm/Visions of America/Universal Images Group via Getty Images Global investment bank Goldman Sachs has reiterated its bearish stance on oil prices for this year and the next, on expectations of yet higher non-OPEC crude production, even when U.S. shale output is excluded. In a note to its clients on Tuesday, the bank said it now expects global proxy oil benchmark Brent and U.S. benchmark West Texas Intermediate to average $56 and $52 per barrel respectively in 2026. It also maintained its 2025 forecasts for Brent and WTI at $60 and $56 per barrel respectively. The reiteration of a bearish outlook by Goldman Sachs is a continuation of a series of recent downward oil price forecast revisions by major Wall Street banks and other forecasters. For its part, Goldman Sachs based much of its analysis on oil production growth from non-OPEC “ex-Russia, ex-U.S. shale” producers likely accelerating to 1 million barrels per day over the next two years. Non-OPEC producers Brazil, Canada, Guyana and Norway have all seen an uptick in crude oil production volumes capable of more than servicing global demand growth, which is currently said to be in the region of 1 million bpd. Specifically on U.S. shale, Goldman Sachs analysts noted that the lower oil prices it predicts for the remainder of 2025 and 2026 – on the back of a near-term supply surplus – may lead to an earlier and lower peak in the production patch. Many, including oil industry insiders, believe this may be imminent and likely around 2027. In March, at CERAWeek 2025, a major energy event organized by S&P Global, ConocoPhillips CEO Ryan Lance and Occidental Petroleum CEO Vicki Hollub joined many of their industry peers in predicting a U.S. crude production plateau sometime between 2027…

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Filed under: News - @ May 29, 2025 2:26 am