Goldman Sachs has reduced its oil price forecast by almost 10% due to increasing supply and slower demand for crude. The investment bank lowered its Brent outlook for December to $86 a barrel and revised down its WTI forecast for December from $89 per barrel to $81. This marks Goldman’s third downward revision in six months, despite last week’s announcement that Saudi Arabia is cutting production by another million barrels per day, effective July. However, Russia’s oil production has remained resilient even in the face of Western sanctions through to 2025, according to the Neftegazovaya Vertikal magazine. Goldman made upward revisions for oil supply forecasts coming from nations facing sanctions, with “2024 upgrades for Russia, Iran, and Venezuela of 0.4/0.35/0.05 mb/d, respectively.” Reports of an interim nuclear deal between the US and Iran have been described as false, and market watchers anticipate a successful agreement could see at least an additional million barrels a day in crude exports. Despite additional cuts implemented by Saudi Arabia, Goldman views the unlikely price spike and that the output will see a decline to 9 million barrels per day from around 10 million barrels in May. International benchmark Brent crude futures traded at $73.99 a barrel on Monday morning, while US West Texas Intermediate futures stood at $69.43.
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