Goldman Sachs raised its oil price forecast for this year and next year as the US bank predicted that OPEC + producers’ agreed production cut of two million barrels per day would have a significant impact. bullish “on prices in the next phase.
The OPEC + group, which includes members of the Organization of Petroleum Exporting Countries and allies including Russia, agreed on the biggest production cuts since the height of the Covid-19 pandemic in 2020, at a meeting in Vienna on Wednesday.
Goldman Sachs said on Wednesday in a statement that if OPEC + production cuts continue through December 2023, the price of Brent crude oil could rise as high as $ 25 a barrel, with prices that could rise further if stocks were completely exhausted. .
Goldman Sachs raised its forecast for Brent crude oil price for 2022 to $ 104 a barrel from $ 99 and for 2023 to $ 110 a barrel from $ 108 a barrel.
The US bank also raised its forecast for the price of Brent crude oil in the fourth quarter of 2022 and in the first quarter of 2023 by ten dollars a barrel, respectively to 110 and 115 dollars a barrel.
Brent crude was trading at around $ 94 a barrel on Thursday, after rising 1.7% in the previous session.
(Reuters)
