Goldman Sachs raises oil price forecast due to supply shortages

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BlockBeats News, April 27 — Due to a decline in production in the Middle East, Goldman Sachs has raised its fourth-quarter Brent crude oil price forecast to $90 per barrel and its WTI crude oil price forecast to $83 per barrel. Goldman Sachs analysts stated in a report on April 26, “Because of the net upside risk to oil prices, abnormally high refined oil prices, risks of refined oil supply shortages, and the unprecedented scale of this shock, the economic risks are greater than what our single crude oil benchmark scenario indicates.” Goldman Sachs estimates that Middle Eastern crude oil production has decreased by 14.5 million barrels per day, leading to a record daily decline of 11 to 12 million barrels in global crude oil inventories in April. (Jin10)

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