Headline: Goldman Predicts Oil Prices to Hover Around $76 per Barrel by 2025

Goldman Sachs expects oil prices to average $76 per barrel in 2025, influenced by a moderate surplus of crude oil and spare capacity among major producers, with concerns regarding a potential disruption in Iranian supply having eased. Goldman stated, "Overall, we still view medium-term risks to our $70-85 per barrel range as two-sided, but the downside price risks from high spare capacity and potentially broader trade tariffs outweigh the upside, so we see it as moderately skewed to the downside." The firm indicated that there is a possibility of prices rising towards the end of the year, as Brent time spreads appear to underprice "physical tightness" to some extent. Despite the substantial global spare capacity and uninterrupted Iranian oil production so far, Goldman analysts do not consider the 2025 supply surplus as a done deal.