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Goldman Forecast $80/bbl Brent 2024/25

OIL

Oil markets signal $80/bbl Brent in the coming years according to Goldman Sachs Head of Natural Resources Equity Research Neil Mehta in an interview with CNBC earlier this week.

  • “We believe all roads lead us to $80/bbl Brent in 2024 and 2025 on average.” Mehta said.
  • Saudi can get close to balancing its budget at $80/bbl Brent and US producers can earn a good return on capital he said.
  • A price in the low $70/bbl region like in recent weeks does not adequately price in geopolitical premiums at present such as Russia and the Middle East Mehta said.
  • He added its hard to see an oil price spike due to the amount of OPEC+ spare capacity available in the market at present.

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