Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Goldman sees $100/b by April 2024 after oil supply cut

    Goldman sees $100/b by April 2024 after oil supply cut

    April 4, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *The Goldman Sachs logo is displayed on a post above the floor of the New York Stock Exchange. REUTERS/Lucas Jackson/Files

    Bengaluru — Goldman Sachs says crude oil production cuts by OPEC could result in a significantly larger deficit in the market, driving a rally in prices to $100 per barrel by April 2024, and raising the group’s pricing power.

    OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, agreed on Sunday to widen oil supply cuts to 3.66 million barrels per day (bpd), which helped push up prices above $86 per barrel.

    Goldman said it sees “elevated OPEC pricing power – the ability to raise prices without significantly hurting its demand – as the key economic driver”, and estimates that the production cut will raise OPEC+ revenues as the boost to prices more than offsets the drop in volumes.

    Brent crude futures were trading at $85.31 a barrel on Tuesday.

    Goldman also said it expects a nearly 90% implementation rate for the 1.16 million bpd production cut plan, reasoning that countries that announced an additional cut have a strong compliance track record, and had implemented nearly 90% of the October 2022 cut by January 2023.

    The bank further reiterated its view that the market will return to sustained deficits from June onward given rapid emerging market growth, falling Russia supply, and sluggish U.S. supply.

    Goldman on Monday had raised its price forecast for Brent for December 2023 by $5 to $95 a barrel.

    Barclays also said it sees a $5 upside to its $92 per barrel price target, while Jefferies noted Brent prices could still end the year at $96 per barrel.

    *Arundhati Sarkar. Editing: Gerry Doyle – Reuters

    Follow us on twitter

    Related News

    CEMAC, APPO and CABEF conclude tripartite agreement for the CAPS project

    NCDMB intervenes as Enerog, host communities resolve FTO dispute

    ‘Petrobras wants more power to appoint Braskem board members and directors’

    E-book
    Resilience Exhibition

    Latest News

    Oil up 1% at 7-week high on hopes of positive US-China trade talks

    June 10, 2025

    EU’s new Russia sanctions to target energy sector and banks

    June 10, 2025

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    June 10, 2025

    ‘Nigeria’s $5bn oil-backed loan from Aramco delayed by oil price drop’

    June 10, 2025

    Shipping firms dodge $900m cost, as Nigeria hit by empty container glut

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.