Goldman Sachs lowers its forecast for the price of a barrel of Brent by $10

Goldman Sachs lowers its forecast

Goldman Sachs cut its forecast The average price of Brent crude About $10 to $100 a barrel for the fourth quarter of this year.

Goldman Sachs attributed this reduction to the decline in demand due to the closures in China caused by the Corona pandemic.

The bank kept its forecast for the average Brent crude for 2023 at $110 a barrel.

Goldman Sachs expected a decrease in Russian production by regarding 600 thousand barrels per day, warning that stocks may run out once more in the first half of 2023 if OPEC + maintains current production quotas.

Fitch Solutions had expected the average Brent crude price to reach $102 this year, then drop to $95 in 2023 and then $85 in 2026.

The agency added that the downward revision of its forecast for the average price of Brent crude this year instead of its previous estimate of $105 per barrel reflects the decline in prices recorded in recent months, a decline in market sentiment and a deteriorating macroeconomic environment.