Banks Slash Oil Price Forecasts as OPEC Resumes Fight for Market Share

Banks Slash Oil Price Forecasts as OPEC Resumes Fight for Market Share

Wall Street banks have sharply downgraded oil price forecasts for 2025 and 2026 after OPEC+ unexpectedly accelerated production hikes, signaling a strategic shift by Saudi Arabia.

Crude Oil Price Falls Below $60, Stoking Fears Of Weaker Naira And Wider Deficits  - Thepodiummedia

Nigeria is staring down the barrel of twin macroeconomic shocks as Brent crude prices plunge below $60 per barrel. This development could destabilize the country’s fragile exchange rate regime and widen an already gaping fiscal deficit. The sharp drop in oil prices, driven by accelerated OPEC+ supply increases and weakening global demand, has triggered anxiety in government circles and among investors. At the core of this brewing challenge is th…

Concerns Rise as Oil Prices Stay Around $60 Despite $75 Budget Benchmark

Goldman Sachs, Barclays, Morgan Stanley Revise Oil Price Forecasts NACCIMA and CPPE Urge Government to Reassess Budget Projections Analysts Warn: Declining Oil Prices Threaten Economic Stability, Increase Borrowing Requirements NLC Anticipates Heightened Hardship for Nigerians Oil prices hovered around $60 per barrel, influenced by OPEC and its allies’ decision to accelerate production increases for June. Brent crude futures, Nigeria’s benchmark…

Oil's unexpected rally defies OPEC+ output surge and tariff turbulence

After a sharp six-day decline that dragged oil prices to their lowest since early 2021, the market staged a surprising rebound on Tuesday. Brent crude rose by 2.6% to \$61.80 per barrel, while West Texas Intermediate climbed 2.7% to \$58.66. This recovery, driven by technical trading and opportunistic buying, comes despite OPEC+ accelerating its output increases and persistent concerns over global demand amid escalating trade tensions. OPEC+’s d…

Oil Prices Hit Four-Year Low Amid Rising Output Concerns

Crude oil experienced a sharp decline, dropping by more than 5% at the peak of the sell-off, pushing prices to their lowest levels in over four years. West Texas Intermediate (WTI) crude fell to $55 per barrel before paring some of its losses and attempting to reclaim the $57 mark. The downward pressure on oil prices followed the announcement by the Organization of the Petroleum Exporting Countries (OPEC) that it would raise oil production by 44…

Goldman Sachs cuts oil price forecast to $52/barrel for WTI in 2026 - Economic Scenarios

Goldman Sachs cut its oil price forecast for the third time in a month after OPEC+ decided this weekend to raise output in June with a similar 410,000 bpd increase it is implementing in May. In an online meeting held on Saturday, top OPEC+ producers, led by Saudi Arabia and Russia, agreed to raise collective production by 411,000 barrels per day (bpd), nearly triple the volume originally planned, in order to punish chronic cartel quota abusers s…