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Brent Crude to Remain Below $100/bbl: Goldman

OIL
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Brent crude prices are expected to remain below $100/bbl – in the base case – amid solid oil demand, no additional geopolitical supply issues and increased OPEC+ production from Q3, Goldman Sachs said in a note.

  • However, geopolitical impediments to OPEC’s ability to deploy spare capacity could send Brent above $100/bbl, the bank said.
  • The bank forecasts global oil demand growth at 1.5mbpd this year.
  • In terms of OPEC supply, the bank estimates that crude supply - from the eight countries that participate in the latest voluntary cuts – will rise by 1.2mbpd from July through November this year, of which 0.75mbpd will be from Saudi Arabia.
  • The latest rally in crude prices was due to a firmer demand outlook and geopolitical tensions that could risk oil supply, it added.
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Brent crude prices are expected to remain below $100/bbl – in the base case – amid solid oil demand, no additional geopolitical supply issues and increased OPEC+ production from Q3, Goldman Sachs said in a note.

  • However, geopolitical impediments to OPEC’s ability to deploy spare capacity could send Brent above $100/bbl, the bank said.
  • The bank forecasts global oil demand growth at 1.5mbpd this year.
  • In terms of OPEC supply, the bank estimates that crude supply - from the eight countries that participate in the latest voluntary cuts – will rise by 1.2mbpd from July through November this year, of which 0.75mbpd will be from Saudi Arabia.
  • The latest rally in crude prices was due to a firmer demand outlook and geopolitical tensions that could risk oil supply, it added.