Oil prices may plunge below $60 as OPEC+ ramps up production — here’s what Goldman Sachs and BNP Paribas are predicting for the global energy market

Oil prices are expected to fall below $60 per barrel as OPEC+ ramps up production, shaking up the global energy market. With a fresh output boost of 548,000 barrels per day announced for August, this marks the fourth straight month of supply increases. Analysts from Goldman Sachs and BNP Paribas predict Brent crude may drop to $55–$59 by late 2025. Despite strong demand from China, supply is outpacing growth, putting pressure on prices. Recent geopolitical easing, including a ceasefire between Israel and Iran...