Goldman Sachs Slashes Oil Price Forecast to Below $60 in 2026
Higher risks of recessions and higher-than-expected OPEC+ production prompted Goldman Sachs to slash again its oil price forecasts for 2026, days after it had already cut its price outlook in the wake of the U.S. tariffs announcement last week. Goldman Sachs’s analysts issued a new note dated April 6, in which they slashed their 2026 oil price forecasts by $4 per barrel—to $58 for Brent Crude prices and to $55 for the U.S. benchmark, WTI Crude. On Friday, Goldman Sachs cut its oil price forecast for 2025 by 5.5% for Brent crude and by 4.3% for West Texas Intermediate, citing the OPEC+ decision to boost production in May and the tariff barrage that President Trump unleashed. The bank also revised down its 2026 Brent crude forecast by 9% to $62 per barrel and its 2026 WTI forecast by 6.3% to $59 per barrel. Two days later, Goldman Sachs slashed the forecasts again and now expects Brent Crude to average below $60 per barrel next year, at $58, amid recession risks, slowing demand, and more supply from the OPEC+ producers. The investment bank had previously forecasted oil demand growth at 600,000 barrels per day (bpd) this year. Now it sees the growth at half this figure, at 300,000 bpd. There is a chance of oil prices rising from current levels—if the U.S. backs down from the tariffs, according to the bank. “Oil prices would likely exceed our forecast if the Administration were to reverse tariffs sharply and deliver a reassuring message to markets, consumers, and businesses,” Goldman’s analysts wrote in the April 6 note carried by Reuters. Goldman Sachs last week raised the recession odds to 45% over the next 12 months, up from a 35% chance of a recession estimated previously. Goldman’s analysts cited “a sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed.”
Good news ahead? Petrol, Diesel & LPG price cut coming soon?
Amid rising geopolitical tension and the sanction on various Oil Producing Companies (OPCs), India has diversified its petroleum import basket and is procuring crude from countries located at various geographical locations. The move will not only ensure security of crude supplies but also mitigate the risk of dependence on crude oil from single region. Is the Modi government considering a proposal to reduce the prices of petroleum products? This question has gained significance after a Lok Sabha MP raised concerns about the continuous rise in petroleum prices across the country. The MP sought details on the reasons behind the price surge and the measures being taken to stabilize fuel costs. He also asked about any new initiatives to curb the rising prices of petrol and diesel, especially in light of global sanctions imposed on several oil-producing companies (OPCs). Additionally, the MP inquired whether any high-level review has been conducted on the fluctuations in prices of petrol, diesel, crude oil, and domestic LPG . Responding to this, Suresh Gopi, Minister of State (MoS), Ministry of Petroleum and Natural Gas said that the prices of petrol and diesel are market determined and Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel. He added that the government took several steps to insulate common citizens from high international prices, which included diversifying the crude import basket, invoking the provisions of Universal Service Obligation to ensure availability of petrol & diesel in domestic market, increasing the blending of ethanol in petrol, etc.
Oil Price Rout Extends on Recession Fears
The price slump in crude oil that began last week has extended into this one as market players’ fears about a global recession deepen. At the time of writing, Brent crude was trading at just below $64 per barrel, while West Texas Intermediate was changing hands for $60.54 per barrel, both down by over 2% from Friday’s close. Last week, crude oil prices took a 7% dive after China announced retaliatory tariffs for U.S. imports, matching the U.S. rate of 34% on top of existing levies. The move was universally seen as bearish for crude oil, hence the effect on prices. “The primary driver of the decline is concern that tariffs will weaken the global economy,” Rakuten Securities analyst Satoru Yoshida told Reuters. “Additionally, a planned production increase by OPEC+ is also contributing to the selling pressure,” Yoshida also said. ING commodity analysts noted the OPEC+ decision on output as a major factor for recent oil price developments, attributing said decision to three reasons: one, U.S. sanction action against Venezuela and Iran; U.S. pressure on Saudi Arabia to lower oil prices; and a desire to punish overproducers such as Iraq and Kazakhstan. The Dutch bank followed Goldman Sachs in revising its oil price for the year, now expecting Brent crude to average $72 per barrel in 2025, versus $74 per barrel earlier, ING’s head of commodity strategy Warren Patterson said in a note today. “For now, our balance continues to show a modest deficit over 2Q25 and 3Q25, supporting our view that prices over this period should move modestly higher from current levels. However, this can change quickly, depending on OPEC+ policy and demand developments,” Patterson wrote. Rakuten Securities’ Yoshida, on the other hand, predicts WTI could drop to as little as $50 per barrel if the stock market panic extends in time. Goldman Sachs slashed its oil price forecast on Friday, now expecting Brent crude to average $69 per barrel in 2025 and WTI to average $66 per barrel.
GreenLine to raise $275 mn equity to fund green fuel, EV truck push
GreenLine Mobility Solutions, a logistics firm backed by the Essar Group, is raising $275 million in equity from a group of investors, including Nikhil Kamath, co-founder of online stock-trading platform Zerodha, at an undisclosed valuation. The Mumbai-based firm, which currently operates a fleet of 650 LNG trucks in India, aims to scale up to 10,000 heavy-duty vehicles over the next few years, powered by liquefied natural gas (LNG) and electricity. The $1 billion fresh investment reflects GreenLine’s ambition to offer greener logistics alternatives to Indian firms. “This investment in decarbonising road logistics aligns with Prime Minister Narendra Modi’s e-drive initiative,” said Anshuman Ruia, a director of Essar, adding “India’s vision for a low-carbon future is taking shape, and GreenLine is proud to be at the forefront.”