The Brent benchmark may cost $100 per barrel by December 2023, Goldman Sachs reported. Earlier, the analysts at the bank had predicted that the price might reach the target already by the summer.
In early February, Goldman Sachs downgraded its Brent price forecast to $92 from $98 for 2023 and to $100 from $105 for 2024.
Goldman Sachs also expects a moderate increase in supply in the global oil market from the United States and Russia. In addition, it reckons on a rise in China's demand. Moreover, OPEC countries may ramp up production to achieve equilibrium in the commodity market.
According to the UBS investment bank, the Brent crude price may exceed $110 per barrel by mid-2023. Its counterpart Citigroup suggests that it will drop by $10 from the current levels by the end of the year instead.
Earlier, Vice President Alexander Novak had announced that Russia would cut oil output by 500,000 barrels per day. The decision should come into effect in March 2023. Experts argue that the move could influence crude prices greatly.
