2023-09-20 08:43:00
Oil prices reached their highest level in 10 months
Dubai – Al Arabiya.net
Published on: September 20, 2023: 12:43 PM GST Last updated: September 20, 2023: 01:32 PM GST
The Goldman Sachs Group joined the rest of the institutions that expect oil prices to reach $100 per barrel, amid global demand reaching unprecedented levels and OPEC+ cuts continuing.
With prices rising more than 30% since mid-June to exceed $95 a barrel on Tuesday, the bank raised its 12-month forecast for global benchmark Brent crude to $100 a barrel from $93. However, the bank said in a note, according to a Bloomberg report seen by Al Arabiya.net, that most of the price increases have already occurred.
Oil has risen strongly in recent months, reaching its highest level in 10 months, thanks to supply cuts from OPEC+ and voluntary production cuts from Saudi Arabia and Russia. Brighter outlooks for the world’s two largest economies, the United States and China, also supported these rises, Inventories declined rapidly, and Goldman Sachs said that most major economies are currently still on track toward a “soft landing.”
Goldman Sachs said that the market will witness a deficit estimated at about 2 million barrels per day in this quarter, followed by a deficit of 1.1 million barrels per day in the last three months of 2023. It added that global consumption has reached a record level.
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