Factbox-Goldman raises oil price forecasts on OPEC+ cuts

Reuters

(Reuters) – Goldman Sachs raised its oil price forecast for this year and next on expectations the 2 million barrels per day (bpd) output cut agreed by OPEC+ is “very bullish” for prices.

Goldman Sachs raised its 2022 Brent price forecast to $104 per barrel from $99 per barrel and for 2023 to $110 per barrel from $108 per barrel.

If the latest reduction in output by OPEC+ is sustained through December 2023, it would amount to $25 per barrel upside to the Brent forecast, with potential for even higher prices should inventories fully deplete, Goldman Sachs said in a note dated Wednesday.

Oil prices held near three-week highs after OPEC+ agreed on Wednesday to the largest reduction in production targets since 2020. [O/R]


The following is a list of the latest brokerage forecasts for 2022 average prices per barrel for Brent and WTI (in $ per barrel):


Brokerage/Agency Brent WTI Date

Revised

2022 2023 2022 2023

Goldman Sachs 104.00 110.00 98.00 105.00 Oct. 5

Goldman Sachs 102.00 108.00 93.00 103.00 Sept 27

Related News:   Israeli military says troops captured hundreds of fighters in Gaza hospital

Barclays 103.00 103.00 99.00 99.00 Aug. 16

Fitch Solutions 105.00 85.00 100.00 81.00 June 14

Barclays 111.00 111.00 108.00 108.00 June 6

Citi Research 99.00 75.00 95.00 72.00 June 6

Commerzbank 99.00 91.00 96.00 88.00 May 25

*UBS 115.00 — — — April 11

BofA Global Research 104.48 100.00 100.00 95.00 April 11

Barclays 100.00 88.00 96.00 85.00 April 8

Goldman Sachs 135.00 115.00 — — March 8

*UBS 105.00 — — — March 4

Standard Chartered 85.00 Feb. 25

Commerzbank 84.00 78.00 81.00 75.00 Feb. 15

Barclays 92.00 89.00 Feb. 14

Barclays 85.00 82.00 Jan. 24

Morgan Stanley — 95.00 — 92.50 Jan. 20

*UBS 85.00 — — — Jan. 19

Fitch Solutions 72.00 73.00 66.00 69.00 #Jan. 13

JP Morgan 88.00 84.00 Nov. 24

ABN Amro 79.00 76.00 Oct. 14

* indicates end-of-period forecast

# current as of given date, may not indicate date of revision

For a table of crude price forecasts as of Sept. 30, see

(Reporting by Bengaluru Commodities desk; editing by Barbara Lewis)

tagreuters.com2022binary_LYNXMPEI9601M-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.