Goldman Sachs cut its forecast for oil prices, for the third time, within 6 months, in light of the abundant supply in the markets, and the uncertainty of the global economy that raises concerns about the future of demand.
Goldman Sachs predicted that the price of Brent crude would reach $86 a barrel in December, from $95 it had previously expected, and lowered its forecast for the price of West Texas Intermediate crude to $81 a barrel from $89.
The bank, which is considered one of the biggest optimists in oil prices, expected six months ago that the price would reach $100 a barrel.
The bank’s commodities research unit said Russian and Iranian oil supplies “significantly” exceeded expectations despite Saudi production cuts.
And Saudi Arabia had announced an additional voluntary reduction in oil production by one million barrels per day, starting from the beginning of July, for a period of one month, subject to renewal.
Goldman Sachs raised its forecast for global crude supplies in the second half of 2023-2024, excluding OPEC, by about 800,000 barrels per day.
2023-06-12 12:10:26
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