Goldman raises oil price forecasts on 'very bullish' OPEC-plus cuts

If latest reduction in output by OPEC+ is sustained through Dec 2023, it would amount to $25 per barrel upside to their Brent forecast, Goldman Sachs said in a note

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 "very bullish" for prices going forward.
 

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.
 

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