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OIL: Goldman Forecasts Oil at $70-85/bbl in 2025

OIL
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Goldman Sachs predicts that Brent crude oil prices will remain within a range of $70 to $85 per barrel in 2025, which they see as beneficial for OPEC+, co-head of global commodities research Dan Struyven said to CNBC this week.

  • “We see Brent crude oil prices averaging around $76 per barrel in 2025, but more broadly staying within a range of $70 to $85. We think oil prices between $70 to $85 works well for OPEC, given their strategy and the dynamics we’re seeing in the market.”
  • “High spare capacity [is] limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside. OPEC+ has significant spare capacity, and both OPEC and U.S. shale producers can respond quickly to price changes, which helps stabilize the market.”
  • “Non-OPEC production, like from the U.S., Canada, Brazil, and Guyana, will add to supply, creating a modest surplus. But OPEC+’s ability to adjust output with their spare capacity keeps the market balanced within that $70 to $85 range.”
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Goldman Sachs predicts that Brent crude oil prices will remain within a range of $70 to $85 per barrel in 2025, which they see as beneficial for OPEC+, co-head of global commodities research Dan Struyven said to CNBC this week.

  • “We see Brent crude oil prices averaging around $76 per barrel in 2025, but more broadly staying within a range of $70 to $85. We think oil prices between $70 to $85 works well for OPEC, given their strategy and the dynamics we’re seeing in the market.”
  • “High spare capacity [is] limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside. OPEC+ has significant spare capacity, and both OPEC and U.S. shale producers can respond quickly to price changes, which helps stabilize the market.”
  • “Non-OPEC production, like from the U.S., Canada, Brazil, and Guyana, will add to supply, creating a modest surplus. But OPEC+’s ability to adjust output with their spare capacity keeps the market balanced within that $70 to $85 range.”