Goldman Sachs Lowers Crude Oil Price Forecast for 2023
Shafaq News/ On Monday, Goldman Sachs revised its forecast for the price of crude oil compared to its previous estimates in December.
According to a note from the bank, the American Bank now expects the price of Brent crude to reach $86 per barrel by the end of this year, down from its previous forecast of $95 per barrel.
The bank also adjusted its forecast for the price of US oil, reducing it from $89 to $81 per barrel for the same period.
Goldman Sachs highlighted that the oil supplies from Russia and Iran had exceeded expectations, despite Saudi Arabia's production cut.
Last week, Saudi Arabia announced an additional voluntary reduction in its oil production of about one million barrels per day for July. This decision can be extended beyond July if deemed necessary.
The OPEC+ countries, a group comprising OPEC and non-OPEC oil-producing nations, have also agreed to extend the voluntary production cut until the end of 2024 rather than ending it at the close of this year.
The revision in oil price forecasts by Goldman Sachs reflects changing market dynamics influenced by factors such as global oil supply, geopolitical developments, and the overall economic outlook. These adjustments can have implications for various stakeholders in the oil industry, including producers, consumers, and investors.
