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Although a seasonally adjusted supply shortfall is anticipated in the fourth quarters of 2022 and 2023, the bank reduced its oil price projections for the following year by an average of $17.5 per barrel.
The average projection for the price of oil for the fourth quarters of 2022 and 2023 has been cut by $19 per barrel. In contrast to an earlier forecast of 2.5 million barrels per day, the bank expects that at present prices, the world's oil demand might rise by 2.0 million barrels per day in 2023.
According to them, a continued price fall would only be acceptable in the event of a severe economic downturn and a drop in world GDP.
Monday's nine-month low in oil prices was followed by a rise on Tuesday amid supply delays caused by Hurricane Ian in the Gulf of Mexico and a weaker dollar. However, Wednesday's pressure is back on oil prices.
The oil production of the cartel will stabilize at present levels by 2023, according to Goldman, who forecasts that OPEC won't raise its goal production targets this year.
source: cnn.com
The average projection for the price of oil for the fourth quarters of 2022 and 2023 has been cut by $19 per barrel. In contrast to an earlier forecast of 2.5 million barrels per day, the bank expects that at present prices, the world's oil demand might rise by 2.0 million barrels per day in 2023.
According to them, a continued price fall would only be acceptable in the event of a severe economic downturn and a drop in world GDP.
Monday's nine-month low in oil prices was followed by a rise on Tuesday amid supply delays caused by Hurricane Ian in the Gulf of Mexico and a weaker dollar. However, Wednesday's pressure is back on oil prices.
The oil production of the cartel will stabilize at present levels by 2023, according to Goldman, who forecasts that OPEC won't raise its goal production targets this year.
source: cnn.com
