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Enforcing Iran Sanctions Could Push Brent to 105$/bbl: Goldman Sachs

OIL

Brent prices could rise to 105$/bbl if Iran’s oil exports were to fall to year-ago levels due to increased enforcement of sanctions according to Goldman Sachs.

  • Iran’s crude oil production is expected to reach 3.25mb/d in 2024 compared to current output at 3.2mb/d on a 3-month-average basis. Output has increase by more than 1mb/d from the lows of 2020.
  • Increased enforcement of sanctions against Iran could result in output 0.4mb/d below that baseline in 2024 raising the H2 2024 Brent price forecast by 5$/bbl to 105$/bbl.

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