Lates News

Affected by the decline in production in the Middle East, Goldman Sachs has raised its fourth quarter Brent crude oil price forecast to $90 per barrel and WTI crude oil price forecast to $83 per barrel. The Goldman Sachs analyst team stated in a report on April 26th, "Due to the existence of net upward price risks, unusually high refined product prices, shortages in refined product supplies, and the unprecedented economic risks of this impact, the scale of this shock is greater than what is indicated by our single crude oil benchmark scenario." Goldman Sachs estimates that the reduction in Middle East crude oil production by 14.5 million barrels per day has led to a record daily decline in global crude oil inventories of 11 to 12 million barrels in April.