🔥Goldman Sachs Raises Oil Price Forecast: Supply Tightness Pushes Brent to $90


On April 27, Goldman Sachs raised its oil price forecast after production declines in the Middle East. It increased its fourth-quarter Brent crude oil price forecast to $90 per barrel and its WTI crude oil price forecast to $83 per barrel. In a report dated April 26, the analyst team said oil prices face net upside risks, with refined petroleum product prices unusually high and the risk of supply shortages intensifying, as economic risks have moved beyond a single baseline scenario. Goldman Sachs estimates that Middle Eastern crude oil production has fallen by 14.5 million barrels per day, causing global crude oil inventories to decline in April at a record daily pace of 11 million to 12 million barrels.
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