By: Inspenet, Jan 13, 2023
Goldman Sachs maintains that the price of Brent oil could skyrocket above $100 a barrel in the fourth quarter of 2023 thanks to “solid” growth in demand for this fuel.
The US investment bank expects this crude to trade at $105 per barrel by the end of this year and says that demand for oil will increase by 2.7 million barrels per day in 2023. However, in the second half of 2023 the market may again be in deficit, economists have warned.
This should allow the OPEC+ alliance to remove in the second half of the year the cut in its production limit agreed last October after concerns about a global economic slowdown. However, if the market turns out to be weaker, then the alliance could keep cutting its production or reduce it further, due to its strong influence on pricing, Goldman Sachs explains.
Meanwhile, crude oil futures have posted sharp falls since early 2023 amid concerns about China and the growing possibility of a recession.
Source Actualidad RT in Spanish : https://actualidad.rt.com/actualidad/454865-precio-petroleo-dispararse-100-dolares-este-ano
Photo: ShutterStock
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