Brent crude is set to average more than $100 a barrel through 2026 if the Strait of Hormuz remains closed for another month, according to Goldman Sachs

Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said

Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 bpd between the end of last year and the end of 2025

Goldman Sachs has raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80

Goldman Sachs raised its forecast for Brent highs in the northern summer of 2024 by $2 per barrel, to $87. This is due to disruptions in the Red Sea contributing to slightly larger withdrawals than expected in OECD commercial inventories

Goldman Sachs said that with soaring global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, putting upside risk of $5 per barrel for its Brent price forecast in the fourth quarter of 2021 of $ 80 a barrel

Goldman Sachs said the collapse of OPEC+’s oil output talks had introduced uncertainty into the prospects for output, but maintained its view that Brent crude would be around $80 a barrel this summer

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply

Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”

The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously