During the early session of the Asian trading period, Brent crude oil futures prices fell due to Goldman Sachs releasing a bearish oil price forecast.
As of 12:00 PM Beijing time, the price of the January Brent crude oil main contract is $74.97 per barrel, down 20 cents from the settlement price on November 22, with the contract closing price up 94 cents from the previous trading day.
The price of WTI crude oil for the January contract is $71.03 per barrel, down 21 cents from the settlement price on November 22, with the contract closing price up $1.14 from the previous trading day.
American investment bank Goldman Sachs stated that it expects global crude oil prices to fall further by 2026, with Brent crude potentially dropping to just over $60 per barrel if the U.S. imposes extensive tariffs or OPEC+ increases supply.
Goldman Sachs predicts that the average price of Brent crude oil in 2025 will be $76 per barrel, and the average price of WTI crude oil will be $71 per barrel; in 2026, the average prices for both will be $71 and $67 per barrel, respectively.
The bank predicts prices based on an expected daily surplus of 900,000 barrels by 2026, which is significantly higher than its expectation of a daily surplus of 400,000 barrels in 2025. Goldman Sachs stated that the high idle capacity of 6 million barrels daily due to OPEC+ production cuts limits upward price potential, while a combination of price-sensitive demand and U.S. shale oil supply restricts downward potential.
U.S. President-elect Donald Trump has selected his team to lead federal agencies in achieving his 'energy dominance' vision.
Trump has promised to significantly increase U.S. oil and gas production by opening more land for leasing, dismantling environmental regulations, and ending restrictions on permits for new liquefied natural gas export facilities—currently at historical highs. Achieving these goals, as well as Trump's aim to 'halve energy prices within 12 months', will partly depend on the capability and efficiency of the personnel he appoints to oversee the U.S. energy department.
Hungarian oil company expects that by the end of 2026, its refineries will be able to process 'any type' of crude oil, but does not believe that stopping imports via Russian pipelines is a realistic option. Mol also believes that the EU exemption for importing oil products made from Russian crude oil by the Czech Republic should be extended.
Mol primarily receives Russian crude oil through the Friendship pipeline system, providing raw materials for its Szazhalombatta refinery in Hungary with a daily processing capacity of 161,000 barrels and the Bratislava plant in Slovakia with a daily processing capacity of 115,000 barrels, a practice that has received an exemption from the EU's import ban. Currently, this exemption has no end date.
(The above content comes from the latest insights of the independent international energy and commodity price assessment agency Argus)
This article is reposted from: Jinshi Data