Nasdaq Goldman Sachs trimmed its price expectation for Brent crude in 2024 by $10 per barrel to between $70 and $90, saying strong production from the United States would moderate any upside in oil prices. “We still look for range-bound prices and only moderate price volatility in 2024. Elevated spare capacity to handle tightening shocks should limit upside price moves,”
World Oil (Bloomberg) — Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired Goldman Sachs Group Inc, HSBC Holdings Plc and SNB Capital to manage its IPO in Riyadh, seeking to join a steady stream of Gulf firms tapping equity markets. The firm will sell 26.7 million shares, or a 30% stake, in initial public offering, according
CNBC Goldman Sachs predicts a new high in oil demand in 2022, and again in 2023. Damien Courvalin, the investment bank’s head of energy research, also said Friday that oil at $100 per barrel was a possibility. Oil demand was already at record levels before the latest omicron variant hit, and furthermore, demand for air travel should continue to recover,
Reuters Goldman Sachs said on Tuesday the collapse of OPEC+’s oil output talks have introduced uncertainty into the group’s production path, while maintaining its view of $80 a barrel Brent price for this summer and gradual increase in output early next year. Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+,
Reuters Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere. The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in
From Bloomberg The future of the oil market may resemble the past — specifically the 1990s — according to Goldman Sachs Group Inc. That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts — reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in an
From Bloomberg 2018 Brent View Raised to $62 from $58; WTI to $57.50 from $55 Bank sees lower inventories in 2018 on OPEC commitment to cuts Goldman Sachs Group Inc. predicts oil prices will retain their strength, at least through 2018. The bank raised its forecast for U.S. West Texas Intermediate as well as global benchmark Brent crude, saying OPEC and
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