Goldman Sachs reduces its December forecast for global benchmark crude prices by almost 10% to $86 a barrel this week, blaming higher-than-expected supplies...
Goldman Sachs reduced its December forecast for global benchmark crude prices by almost 10% this week, partly attributing the move to higher-than-expected supplies from Iran and Russia.
In a note dated Sunday, Goldman cut its December 2023 Brent oil forecast to $86 a barrel from $95, citing “significant supply beats from Iran and Russia that have “driven speculative positions to near record-lows.” It also lowered its 2023 Brent forecast to $82 from $88 and its 2024 forecast to $91 from $99.
Prices for global benchmark Brent oil had climbed shortly after the Saudi announcement on June 4, but posted a 1.8% weekly loss for the week ended June 9. Following “large beats in sanctioned economies” Goldman lifted its 2024 supply for Russia, Iran and Venezuela by 0.4 million, 0.35 million and 0.05 million barrels per day, respectively.
They said that Russian supply has nearly fully recovered despite the decision by many companies to stop buying Russian oil barrels, and a ban of Western financial and logistical services. Goldman upwardly revised its Russia production forecast higher by 0.2 million barrels a day for the second half of this year and by 0.4 million barrels a day for 2024.
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