Goldman Sachs raises Brent price forecast to $100

20/09/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Goldman Sachs Group Inc pushed up its 12-month forecast for global benchmark Brent to $100 from $93 as demand booms amid OPEC+ supply curbs, according to a Bloomberg report.

 

“We believe that OPEC will be able to sustain Brent in an $80-to-$105 range in 2024 by leveraging robust Asia-centric global demand growth,” the investment bank’s analysts.

Opec is unlikely to push prices to extreme levels, which would destroy its long-term residual demand, they added.

The forecast comes after oil prices rose more than 30% since mid-June to breach $95 a barrel this week.

Most major economies remain on track for a soft landing, Goldman Sachs noted.

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