Goldman Sachs reduces 2024 forecast on Brent by $10

Oil drilling rig

Goldman Sachs expects Brent crude prices to range between $70 and $90 per barrel next year, lower than its previous forecast by about $10 per barrel.

In a note on Dec. 17, the bank’s analysts said, “strong production from the United States will mitigate any rise in oil prices”.

Prices are likely move in a specific range with moderate fluctuations in 2024, as high spare production capacity contributes to dealing with “increasing shocks of upward price movements,” the bank said.

Brent prices are expected to recover to a peak of $85 a barrel in June — from about $77 now — with prices averaging $81 and $80 in the next two years, respectively, down from previous estimates of $92.