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Goldman Sachs lowers its 2024 oil price forecast by 12% due to bumper US output

today 12/18/2023
Goldman Sachs has reduced its prediction for the average oil price in 2024 by 12%, attributing it to the high production levels in the United States. The bank now expects Brent, the global oil benchmark, to average $81 a barrel, down from the previous estimate of $92 a barrel. This revision is primarily due to the continuous increase in drilling speed and well completion intensity in the US. Despite the efforts of OPEC+ to limit supply and support prices, record oil production in the US and concerns over decreased demand, particularly in China, have led to a decline in prices. However, Goldman Sachs believes that factors such as supply cuts, a potential economic recovery in China, and a potential decrease in interest rates by major central banks could mitigate the extent of price falls.
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