© Archyde.com. Goldman raises its forecast for oil prices after OPEC + cuts
Arabictrader.com – In its latest notes published on Thursday evening, the famous American investment bank Goldman Sachs (NYSE:) raised its average forecast for this year and 2023, after the decision of OPEC + to reduce its production at the highest pace since March 2020 at the time of the epidemic closures.
The organization reduced its members’ oil production by 2 million barrels per day during the month of November, which pushed oil prices to rise strongly, as oil contracts are heading to achieve their largest weekly gains since last March due to the decision.
Goldman Sachs expects oil prices to continue to rise in the future, to reach, which prompted it to raise its expectations for the average price of a barrel of oil this year to 104 dollars, up from 99 dollars in its previous expectations, and also raised its expectations for the price of a barrel for 2023 to 110 dollars from 108 dollars previously.
The Goldman Sachs note indicated that there is a potential for oil prices to rise further if crude stocks are completely depleted.