Goldman Sachs lowers forecasts
Goldman Sachs has cut its forecasts The average price of Brent crude oil About $10 to $100 a barrel for the fourth quarter of this year.
Goldman Sachs attributed this reduction to falling demand due to shutdowns in China caused by the Corona pandemic.
The bank maintained its forecast for average Brent crude for 2023 at $110 a barrel.
Goldman Sachs had expected Russian production to fall by about 600,000 bpd, warning that inventories could run out again in the first half of 2023 if OPEC+ maintains current production quotas.
Fitch Solutions had expected the average price of Brent crude oil to hit $102 this year, then drop to $95 in 2023 and then $85 in 2026.
The agency added that the downward revision of its forecast for the average Brent crude price this year instead of its previous estimate of $105 a barrel reflects falling prices in recent months, a decline in market sentiment and a deterioration in the macroeconomic environment.
