{"id":1677063,"date":"2022-10-06T21:53:34","date_gmt":"2022-10-07T01:53:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677063"},"modified":"2022-10-06T21:53:49","modified_gmt":"2022-10-07T01:53:49","slug":"goldman-raises-oil-price-forecasts-on-very-bullish-opec-cuts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/goldman-raises-oil-price-forecasts-on-very-bullish-opec-cuts\/","title":{"rendered":"Goldman raises oil price forecasts on \u2018very bullish\u2019 OPEC+ cuts"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgoldman-raises-oil-price-forecasts-on-very-bullish-opec-cuts%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677063&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters) \u2013     Goldman Sachs has raised its oil price forecast for this year and 2023, as the U.S. bank expects the 2 million barrels per day (bpd) output cut agreed by OPEC+ producers to be \u201cvery bullish\u201d for prices going forward.<\/p>\n<p>OPEC+, which groups members of the Organization of Petroleum Exporting Countries and allies including Russia, agreed its deepest cuts to production since the 2020 COVID pandemic at a meeting in Vienna on Wednesday.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>If latest reduction in output by OPEC+ is sustained through December 2023, it would amount to $25 per barrel upside to their Brent forecast, with potential for price spikes even higher should inventories fully deplete, Goldman Sachs said in a note dated Wednesday.<\/p>\n<p>Goldman Sachs raised its 2022 Brent price forecast to $104 per barrel from $99 per barrel and 2023 forecast to $110 per barrel from $108 per barrel. <\/p>\n<p>The U.S. bank also raised its fourth quarter 2022 and first-quarter 2023 Brent price forecast by $10 per barrel to $110 and $115 per barrel, respectively.<\/p>\n<p>Benchmark Brent crude was trading around $94 per barrel on Thursday, after gaining 1.7% in the previous session. [O\/R]\n<p>Such a large OPEC+ effective cut will likely warrant another response from the U.S. administration, and even a coordinated International Energy Agency SPR release, the bank noted.<\/p>\n<p>\u201cThe oil market\u2019s buffers (stocks and spare capacity) remain critically low, and higher prices remain the key viable, long-term solution to increased inventories in the short term and higher supply capacity medium term,\u201d Goldman added.<\/p>\n<p>Morgan Stanley on Wednesday also raised its oil price forecast for the first quarter of 2023, predicting tight supply going forward.<\/p>\n<p> (Reporting by Brijesh Patel in Bengaluru; editing by David Evans)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/goldman-raises-oil-price\/attachment\/aerial-view-of-phillips-66-companys-los-angeles-refinery-in\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI950TJ-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI950TJ-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) \u2013 Goldman Sachs has raised its oil price forecast for this year and 2023, as the U.S. bank expects the 2 million barrels per day (bpd) output cut agreed<\/p>\n","protected":false},"author":66,"featured_media":1889549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1677063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/goldman-raises-oil-price\/?utm_source=rss&utm_medium=rss&utm_campaign=goldman-raises-oil-price","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1677063"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889549"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1677063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1677063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1677063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}