Goldman Sachs said in a report dated 22nd that a decline in commercial inventories in OECD member countries could push up its end-2023 North Sea Brent price forecast of $86 a barrel by $2. pointed out. Taken at the New York Stock Exchange in 2021. (2023 REUTERS/Andrew Kelly/File Photo)
(Reuters) – Declining commercial inventories in OECD member countries will push the end-2023 North Sea Brent price forecast of $86 a barrel down by 2, Goldman Sachs said in a report on Wednesday. He said it could push up the dollar. We believe the risk of price declines due to higher-than-expected inventories is relatively small.
OECD commercial inventories fell 30 million barrels below previous forecasts in August. OECD commercial inventories represent about a third of global inventories, Goldman estimates.
Brent crude rose more than 14% in July, hitting its highest since January at the start of the month. On the 23rd, the price was hovering around $84 per barrel.
Analysts at Goldman Sachs said the oil surge was largely due to the market continuing to price in tighter supply-demand conditions.
U.S. and Asian crude inventories have fallen by 21 million barrels and 11 million barrels, respectively, since the end of June. The reason for this is that the operating rate of the refinery has increased.
Non-OECD stockpiles have also fallen by 50 million barrels this month, led by China, and global oil inventories have fallen by 80 million barrels.
“Saudi Arabia has reiterated its production cuts and signaled its intention to extend and deepen the cuts,” Goldman said, adding to rising price risks.
He said there was a mix of strengths and weaknesses in China’s demand, with weaker macro data coming from outside the oil-intensive services sector.
2023-08-23 10:22:00
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