Goldman Sachs have trimmed their range forecast for Brent crude oil in 2024:
- to USD 70-90/barrel (this is lower by USD 10/bbl)
- project higher supply from the US
GS cite that they now expect only a small deficit, less elevated long-dated prices. Expect 2024 to bring mainly range bound pricing and lower volatility
- also looking for OPEC+ cuts to continue through to 2025, more cuts in Q2 2024
36 months out Goldman Sachs forecast Brent crude at $72/bbbl (down $2)
