Oil: Brent seen at $90/Bbl in Q2 2023 – Goldman Sachs

Analysts at Goldman Sachs said in their latest oil price outlook, they see Brent to average at $90/barrel (Bbl) in Q2 2023 as against the previous forecast of $105/Bbl.

Additional quotes

Oil prices seen gradually rising to $100/Bbl by December.

Expected to stay at $100/Bbl in 2024, assuming OPEC boosts output by 1 million bpd in H2.

If OPEC stays Put, Brent ‘likely to reach’ 107/Bbl in Dec.

Assume OPEC will reverse production cut at its June meeting.