On May 3rd, Goldman Sachs stated that it expects OPEC+to announce tomorrow that it will increase its supply by 410000 barrels per day for the second consecutive month in June. Maintaining the expectation of an average Brent/WTI crude oil price of $63/59 for the remainder of 2025, it is expected to be $58/55 in 2026. It is expected that Iran’s supply will continue to experience a moderate decline from the second half of 2025. Continuing to estimate a global economic slowdown or a complete reversal of OPEC+’s voluntary production cuts of 2.2 million barrels per day could push Brent crude oil prices to the $40 range by 2026, and in the unlikely extreme scenario, Brent crude oil prices would fall below $40.
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