Factbox-Goldman raises oil price forecasts on OPEC+ cuts

(Reuters) – Goldman Sachs (NYSE:) raised its oil price forecast for this year and next on expectations the 2 million barrels per day (bpd) output cut agreed by OPEC+ is “very bullish” for prices.

Goldman Sachs raised its 2022 price forecast to $104 per barrel from $99 per barrel and for 2023 to $110 per barrel from $108 per barrel.

If the latest reduction in output by OPEC+ is sustained through December 2023, it would amount to $25 per barrel upside to the Brent forecast, with potential for even higher prices should inventories fully deplete, Goldman Sachs said in a note dated Wednesday.

Oil prices held near three-week highs after OPEC+ agreed on Wednesday to the largest reduction in production targets since 2020. [O/R]

The following is a list of the latest brokerage forecasts for 2022 average prices per barrel for Brent and WTI (in $ per barrel):

Brokerage/Agency Brent WTI Date

Revised

2022 2023 2022 2023

Goldman Sachs 104.00 110.00 98.00 105.00 Oct. 5

Goldman Sachs 102.00 108.00 93.00 103.00 Sept 27

Barclays (LON:) 103.00 103.00 99.00 99.00 Aug. 16

Fitch Solutions 105.00 85.00 100.00 81.00 June 14

Barclays 111.00 111.00 108.00 108.00 June 6

Citi Research 99.00 75.00 95.00 72.00 June 6

Commerzbank (ETR:) 99.00 91.00 96.00 88.00 May 25

*UBS 115.00 — — — April 11

BofA Global Research 104.48 100.00 100.00 95.00 April 11

Barclays 100.00 88.00 96.00 85.00 April 8

Goldman Sachs 135.00 115.00 — — March 8

*UBS 105.00 — — — March 4

Standard Chartered (OTC:) 85.00 Feb. 25

Commerzbank 84.00 78.00 81.00 75.00 Feb. 15

Barclays 92.00 89.00 Feb. 14

Barclays 85.00 82.00 Jan. 24

Morgan Stanley (NYSE:) — 95.00 — 92.50 Jan. 20

*UBS 85.00 — — — Jan. 19

Fitch Solutions 72.00 73.00 66.00 69.00 #Jan. 13

JP Morgan 88.00 84.00 Nov. 24

ABN Amro 79.00 76.00 Oct. 14

* indicates end-of-period forecast

# current as of given date, may not indicate date of revision

For a table of crude price forecasts as of Sept. 30, see

Source link