Gate News message, April 27 — Goldman Sachs raised its fourth-quarter oil price forecasts on April 26, citing supply tightness in the Middle East. The bank now expects Brent crude oil (London benchmark) to reach $90 per barrel and WTI crude oil (U.S. benchmark) to reach $83 per barrel, up from previous estimates.
According to the Goldman Sachs analyst team, Middle East crude oil production has declined by 14.5 million barrels per day, causing global crude oil inventories to fall at a record pace of 11 million to 12 million barrels per day in April. The bank flagged upside risks to oil prices, citing exceptionally high refined product prices and supply shortage risks.
Goldman Sachs warned that “economic risks are greater than our base case scenario suggests” due to the unprecedented scale of the supply shock. The bank emphasized risks from net upside pressure on crude prices, elevated refined product prices, and potential supply disruptions.
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