The U.S. investment bank Goldman Sachs has slashed its 2015 oil forecasts on Monday by $15 per barrel. This came according to the high oil supply versus weak global demand levels in financial markets, which will boost oil prices further if continued.
On the other hand, oil price are subject to other negative effects, especially the negative impact resulting from the high levels of oil production by countries not belonging to the Organization of Petroleum Exporting Countries (OPEC).
The high levels of oil production by countries not belonging to OPEC will deepen the gap between supply and demand, as well as OPEC major countries commitment to its production levels and its intention not to cut production rates, particularly Saudi Arabia – the largest exporter of crude oil in OPEC.
Thus, Goldman Sachs believes that crude oil prices will fall from $90 a barrel to $75 a barrel. With expectations of a decline in Brent oil prices of $100 a barrel to $85 a barrel.
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Goldman Lowers 2015 Oil Forecast Due To Poor Demand
Published 10/28/2014, 05:25 AM
Updated 07/09/2023, 06:31 AM
Goldman Lowers 2015 Oil Forecast Due To Poor Demand
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