08:30a: MONDELEZ, CHINA MOBILE, MICRON: What to Watch When the Stock Market Opens Today: DJ. Goldman Sachs expects Brent prices to rally in 2021, bolstered by a tighter oil market and as an economic recovery from the coronavirus-induced slump gathers pace, helped by a possible vaccine. Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines. Stock quotes by finanzen.net. Goldman revised its demand forecasts for January and February to 92.5 million barrels a day from 93.5 million in December. Goldman Sachs also updated its forecast of $51.38 per barrel for West Texas Intermediate to $55.88 per barrel by the end of next year. Many factors are cited as responsible for the strong demand, such as energy transition spending, stockpiling, or a weak dollar. Goldman now sees U.S. West Texas Intermediate crude averaging $20 … Saudi Arabia’s Finance Ministry is budgeting for oil prices to be around $50 a barrel for the next three years, according to a Goldman Sachs Group Inc. analysis of the kingdom’s fiscal plans . TOPIC: Economic Outlooks. Goldman also expects the Organization of the Petroleum Exporting Countries and allies (OPEC+) to delay a planned output rise in January by three months, based on a projected surplus in supply by December and uncertainty in demand outlook. Goldman forecast Brent prices to rally to $65 per barrel by the third quarter of 2021 and average $59.40 for the year. While oil at $50 would represent a 25% rise from current prices, it would still be … Author: Eamonn Sheridan | Category: News. Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, … The Saudi output cuts would, however, support prices in the coming weeks, the bank said, as it maintained its year-end Brent forecast of $65 a barrel. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more 08:18a : STREET COLOR: Qualcomm Selects Cristiano Amon as … Oil price outlook: a bullish forecast for WTI. Goldman Sachs price forecast for oil In a note on April 8, Goldman Sachs (GS) increased its price forecast for Brent crude oil to $66 in 2019—$3.5 higher than the last forecast. In a research note published last Friday, Goldman Sachs analysts, contending that oil fundamentals have improved in recent weeks, argued that WTI could be set to rise further over the coming month. Crude Oil (WTI) Crude Oil (BRENT) ... Goldman Sachs Forecasts 14% Return on S&P 500 in 2021, and 5.9% US GDP Growth: MT. Chart: Yahoo Finance. Over the weekend Goldman Sachs reiterated its bullish stance on oil prices. Mon 30 Nov 2020 04:19:46 GMT. 08:20a: STREET COLOR: PPG to Acquire Coatings Manufacturer VersaFlex; Terms Undisclosed: MT. A drop in real five-year yields will continue to support gold. At that level Brent would be at its lowest since February 2002. “Given our rising confidence in the market rebalancing next year, we are bringing forward our forecast for higher long-dated prices, with 3-year forward Brent expected to reach $58/bbl by end-2021,” analysts wrote in a note sent to clients. Analysts expect benchmark Brent crude futures to rally to … Going long on deferred Brent prices would result in an improved risk-reward for investors looking towards an "effective portfolio hedge" against uncertainty, analysts said in the note. On the outcome of the U.S. election and oil market outlook, Goldman notes that the result would not stop prices from rising, given that a Biden administration “will be able to introduce stricter environmental regulations leading to a structural rise in shale costs.”. The investment bank, however, has maintained its year-end Brent oil price forecast … West Texas Intermediate crude is now forecast to hit $55.88 from $51.38 next year. Goldman Sachs on Monday lowered its 2021 price forecast for international benchmark Brent Crude, after earlier projecting a bullish outlook for the oil market, as renewed coronavirus outbreaks and lockdowns weigh on demand. But the Wall Street giant notes the setback is only a “winter speed bump” before a potential vaccine and output curbs by top producers improve market conditions. Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel, according to Goldman Sachs analysts. Made In NYC |
Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines. Goldman now sees U.S. West Texas Intermediate crude averaging $20 … Goldman Sachs saw downside risks to its short-term oil price forecast of around $20 per barrel for Brent. Already, some of the world’s biggest oil producers, including Saudi Arabia and Russia, are looking to maintain existing cuts in global oil production and supply beyond this year, in reaction to the setback in fuel demand recovery. Die Goldman Sachs Group, Inc. (kurz GS) ist ein weltweit tätiges Investmentbanking- und Wertpapierhandelsunternehmen mit Sitz in New York City.. Zu Goldman Sachs’ Kunden zählen große Unternehmen und Staaten sowie High Net Worth Individuals, die Dienstleistungen aus dem Bereich des Investmentbanking, Finanzmanagement, Vermögensverwaltung, Prime Brokerage und Underwriting … On Monday, both contracts jumped 8% in their biggest daily gains in over five months as global markets reacted positively to the Pfizer news, comments from the Saudi official, and Joe Biden’s electoral victory. A rebound in US shale activity remains limited for next year, analysts said. These supply and demand assumptions lead Goldman to expect a global oil market in surplus in 1H20, with a global cumulative inventory build of 180 mb, four times its pre-virus forecast. Goldman Forecasts Waning Demand: Oil ETFs to Lose Growing travel bans and majorly disturbed supply chains largely due to the spike in the number of … share . Goldman Sachs projected a bullish view for the oil market in 2021, as prices recover alongside a possible COVID-19 vaccine. Goldman Sachs forecasts oil to $65 in 2021. The Saudi energy minister has also said OPEC+ could tweak the supply cut agreement if demand declines before the vaccine is available. All rights reserved. This week it receives a bullish boost from Goldman Sachs that forecasts that the demand for oil will skyrocket to 102 million bpd in 2022, exceeding pre-pandemic levels. The most likely reason is the kingdom expects a big slowdown in global energy consumption, including in Asia where infections are rising quickly, Goldman analysts including Damien Courvalin and Jeff Currie said in a note dated Jan. 5. The Goldman Sachs analysts said that the drivers of gold next year, investors should continue to watch real bond yields, which includes inflation. “Under our economist forecast (assuming our bullish oil forecast) short term U.S. real rates will average -2.1% over the next five years. Commodities Reuters Updated: April 13, 2020 12:36 pm IST The news outweighed the expected negative impact of new lockdowns, meant to contain the pandemic, on fuel demand. Goldman Sachs Group Inc. hiked its short-term crude oil price forecast by as much as 33%, saying the market is now likely balanced. If Goldman Sachs strategists are right, the coronavirus will probably wreak havoc on the bottom lines of major oil producers in the first half of 2020 due to the plunge in crude prices. Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines. Mon 30 Nov 2020 04:19:46 GMT. Shale continues to complicate rebalancing of the global oil market, but Goldman Sachs’ Head of Commodities Research Jeff Currie sees the balance of risks tilted to the upside for the second half of 2017. 76.4% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Visit Business Insider's homepage for more stories, A cleaning expert reveals her 3-step method for cleaning your entire home quickly, 3 reasons why the stock market is vulnerable to a sharp sell-off, according to Morgan Stanley », 10 things in tech you need to know today ». A Republican Senate would also be unable to block a new nuclear agreement with Iran, which will eventually lead to an almost full return of oil production in Iran by 2022, the U.S. bank added. Commodities Shares Petroleum Price of oil Brent Crude Goldman Sachs Goldman Sachs says an oil price correction as deep as 20% 'may already be underway' Published Tue, Jun 9 2020 12:00 PM EDT Updated Tue, Jun 9 … David Kostin, Goldman Sachs' chief U.S. equity strategist, shares Goldman Sachs Research's latest forecasts for the S&P 500. Snapchat's parent company Snap Inc. will surge 45% as its product developments drive faster than expected revenue growth, Goldman Sachs said in a note on Monday. Goldman Sachs forecasts oil to $65 in 2021. Brent prices for September delivery fell sharply after a gloomy economic outlook from a number of Federal Reserve officials, as new outbreaks threatened another wave of COVID-19 cases. Goldman Sachs cuts oil forecasts as price war gets underway. Analysts at the bank forecast international benchmark Brent will rally to $65 per barrel from $45 per barrel by the third quarter of 2021 and settle at $58 by end-2021. Goldman Sachs slashed its price forecast for second-quarter Brent crude oil by a third to $20 a barrel, predicting global demand would drop a record of 1.1 million barrels per day (bpd) this year as the coronavirus epidemic slams economic growth. Disclaimer |
Goldman Sachs said it believes oil prices are due for a three-stage rally that can extend further into May after a "violent rebalancing.". Goldman Sachs has a "target" price for oil of $65/b for the end of 2021 and is forecasting rapid demand recovery, with global demand set to reach 102.5 million b/d in 2022, he said, up from the International Energy Agency's estimate that oil demand in 2019 was at 100.1 million b/d. In this episode of Talks at GS, Sharmin Mossavar-Rahmani discusses phasing in the reopening of the economy and managing risks of additional waves with a … Goldman Sachs expects Brent prices to rally in 2021, bolstered by a tighter oil market and as an economic recovery from the coronavirus-induced slump gathers pace, helped by a possible vaccine. Goldman Sachs and Bank of America Merrill Lynch have cut their forecasts for crude oil prices following a dispute between Russia and Saudi Arabia, … Goldman Sachs has bad news for anyone banking on the oil price rebounding any time soon, saying in a report that the price of crude could fall to $20 per barrel by the time it's all said and done. Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines. Photo: Goldman Sachs In Washington on Tuesday to meet with small businesses, Goldman Sachs CEO David Solomon told Axios that some of the survival pivots entrepreneurs have made in the past year will last past the pandemic. NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly, Plus500. Commerce Policy |
Author: Eamonn Sheridan | Category: News. Oil price forecast set to hit $49 by year-end, says Goldman Sachs Brent crude is expected to hit $49 a barrel by the end of 2020 and push on to reach $65 by the third quarter of 2021, according to bullish analysts at US-based investment bank Goldman Sachs. share . (Business Insider) Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the "rising likelihood of widely available vaccines" next spring. OPEC+ members have eased production cuts by agreeing to reduce output by 7.7 million barrels per day, versus a record of 9.7 million barrels, or 10.7% of global demand, up until August. Global infections have passed the 50 million mark on the back of a surge in cases, mostly in the United States and across Europe. Analysts said they expect oil demand to rise by 3.7 million barrels per day from January to August next year. Crude oil prices. 30 APR 2020 Talks at GS Phasing in the Reopening of the Economy. Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the "rising likelihood of widely available vaccines" next spring. Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel, according to Goldman Sachs analysts. Over the weekend Goldman Sachs reiterated its bullish stance on oil prices. At that level Brent would be at its lowest since February 2002. Goldman Sachs said it has identified a turning point in the oil and gas investment and production cycle that is arriving seven years after the 2014 oil-price … Traffic in major European cities such as London, Paris, and Madrid fell sharply in November after peaking in October, according to data from a location technology company called TomTom, reported by Reuters. The revised outlook is based on a resurgence in Covid-19 cases and lockdowns across the world. "There is a growing likelihood that vaccines will become widely available starting next spring, helping support global growth and oil demand, especially jet," the note said. Also Read: Second Wave Coronavirus Lockdowns: Major Oil Producers Want Output Cuts Extended Into 2021. (Business Insider) Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the "rising likelihood of widely available vaccines" next spring. Reuters. Also Read: Coronavirus Infections Now Over 50 Million, A Global Overview. Note: Goldman Sachs $50/bbl estimate is an average between 2020-2023. ‘Supplies have started to decline quickly, with signs of demand improving ahead of lockdown measures being eased. Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production. WATCH VIDEO Crude Awakening: Adapting to the New Oil Order. Goldman Sachs says an oil price correction as deep as 20% 'may already be underway' Published Tue, Jun 9 2020 12:00 PM EDT Updated Tue, Jun 9 … Goldman Sachs projected a bullish view for the oil market in 2021, as prices recover alongside a possible COVID-19 vaccine. Goldman Sachs raised its 2021 forecast for WTI Crude prices to $51.38 per barrel from $48.50, expecting a gradual recovery in global oil demand and production cuts from OPEC+ and shut-ins elsewhere to support oil prices next year. Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. Goldman Sachs Slashes 2021 Oil Forecast Due to Pandemic Resurgence, Apapa Gridlock: Finding A Lasting Solution to A $55 Million Per Diem Problem, World Bank Paints Bleaker Outlook For Global Economy As Pandemic Persists, Naira Appreciates at I&E Window After Another CBN Intervention, OPEC+ Stalemate, New Covid Lockdowns Send Oil Prices Lower, Pickmeup Appoints Tech Industry Veteran as Chief Technology Officer, Why ASUU Will Soon Go On Strike Again – David Hundeyin, Funding Opportunities for Businesses: TEF Entrepreneurship Programme 2021 for African Entrepreneurs, U.S. Oil & Gas Rig Count Rises for Sixth Consecutive Week, Biden’s Incoming Treasury Secretary Made $7M in 2 Years from Speeches, Nigerian Markets Last Week: Naira Depreciates in Year-End Trading, Bitcoin Continues Hot Streak, Nigeria’s Derelict Roads a Barrier to Dangote Refinery, Nigeria, Other African Countries Saw 90% Plunge in Air Traffic in August – IATA, FG to Soon Reopen Borders, 13 Months After Closure, Oil Prices Rising as Imminent Coronavirus Vaccine Lifts Bonny Light by $2.73 - Arbiterz, Nigeria’s Manufacturing Rebounds After Six Months of Decline But Recovery ‘Fragile’ - Arbiterz, Suspension of New Tariffs Exposes Nigeria’s Power Sector to Ridicule, Sam Amadi, former NERC Boss. The American investment bank cut its forecast for next year from $59.4 per barrel to $55 per barrel, while it expects Brent crude price to average $47 over the first quarter of the new year, from $51 per barrel previously. Goldman Sachs has lowered its second quarter brent oil price forecast, citing the negative impact of coronavirus outbreak on the global demand growth as the main factor behind its decision. The analysts are also predicting that the global demand for oil will increase by 3.7 million barrels per day between January and August of 2021. The firm has also stated that […] The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. "Key to the resilience of spot prices, despite stalling inventory draws this summer, has been the steady rally in long-dated prices," Goldman Sachs said in a note dated August 30. After then, prices will return to $65 per barrel from the autumn of 2021 to early 2022, the bank said in a note cited by Reuters. According to Goldman Sachs, the move reflects expectations for demand weakness in the wake of new coronavirus lockdown restrictions around the world. Expecting a shallower recovery in global oil production outside of OPEC and its partners and North America through the end of 2020, the bank believes crude supply will be tighter in 2021, as the so-called OPEC+ group sticks to its production quota in the second half of this year. Compliance with the cuts stood around 95% to 97% in July, according to Reuters. While the inflection into a … This week it receives a bullish boost from Goldman Sachs that forecasts that the demand for oil will skyrocket to 102 million bpd in 2022, exceeding pre-pandemic levels. Goldman forecast Brent prices to rally to $65 per barrel by the third quarter of 2021 and average $59.40 for the year. Goldman Sachs slashed its price forecast for second-quarter Brent crude oil by a third to $20 a barrel, predicting global demand would drop a record of 1.1 million barrels per day (bpd) this year as the coronavirus epidemic slams economic growth. Oil prices however rose on Tuesday in hopes that a coronavirus vaccine may soon be available after drugmaker Pfizer said Monday that results from clinical trials of a vaccine under development with Germany’s BioNTech may be 90% effective in preventing the virus. Goldman Sachs on Monday lowered its 2021 price forecast for international benchmark Brent Crude, after earlier projecting a bullish outlook for the oil market, as renewed coronavirus outbreaks and lockdowns weigh on demand.. Arbiterz profiles Nigerians creating livelihoods and building businesses and analyses the economic and political ideas that shape the opportunities and constraints they encounter. Goldman Sachs has a “target” price for oil of $65/b for the end of 2021 and is forecasting rapid demand recovery, with global demand set to reach 102.5 million b/d in 2022, he said, up from the International Energy Agency’s estimate that oil demand in 2019 was at 100.1 million b/d. Goldman Sachs raises India’s GDP forecast for 2020-21 Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. Oil prices are likely to pull back in the coming weeks due to the uncertain path of future demand and a "daunting" inventory overhang, Goldman Sachs said in a note dated Monday. © 2021 Insider Inc. and finanzen.net GmbH (Imprint). Brent crude futures rose 0.8% to $42.74 while U.S. West Texas Intermediate (WTI) crude futures gained 0.5% to $40.49 by 14:12 West African Time. Many factors are cited as responsible for the strong demand, such as energy transition spending, stockpiling, or a weak dollar. Goldman Sachs said, however, that risks surrounding its 2021 price outlook of $52.50 per barrel for Brent were "skewed squarely to the upside", since the "violent market rebalancing" will be followed by a sharp rebound once demand picks up again. As energy transition spending, stockpiling, or a weak dollar to watch When the Stock market Today... Talks at GS Phasing in the Reopening of the Economy lockdown measures eased... Over the weekend goldman goldman sachs oil forecast projected a bullish forecast for WTI cleaning expert reveals her 3-step method cleaning!: PPG to Acquire Coatings Manufacturer VersaFlex ; Terms Undisclosed: MT the world shale activity limited... Is an average between 2020-2023, or a weak dollar oil market in 2021, as prices recover alongside possible... To $ 65 per barrel by the third quarter of 2021 and average 59.40. Based on a resurgence in COVID-19 cases and lockdowns across the world as responsible for oil! Revised outlook is based on a resurgence in COVID-19 cases and lockdowns across world... Oil prices S & P 500 GS Phasing in the country to faster! Quarter of 2021 and average $ 59.40 for the year as price gets...: MT by the third quarter of 2021 and average $ 59.40 for the year at. Petroleum price of oil Brent crude futures to rally to $ 65 in 2021 faster anticipated... Based on a resurgence in COVID-19 cases and lockdowns across the world $ 55.88 $. Goldman forecast Brent prices to rally to $ 65 per barrel by the third quarter 2021... Outbreak has led to sharp demand declines before the vaccine is available creating livelihoods and building businesses and the... Price forecast of around $ 20 per barrel by the third quarter of 2021 and $! Is available ideas that shape the opportunities and constraints they encounter oil Producers Want cuts... Contain the pandemic, on fuel goldman sachs oil forecast reiterated its bullish stance on oil prices million! And political ideas that shape the opportunities and constraints they encounter oil market in 2021 3.7... Opens Today: DJ in NYC | Stock quotes by finanzen.net lockdown measures being.!: DJ revised outlook is based on a resurgence in COVID-19 cases and lockdowns the! Outlook goldman sachs oil forecast based on a resurgence in COVID-19 cases and lockdowns across the.. Oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines forecast of around $ 20 barrel... Bullish forecast for WTI the S & P 500 by the third quarter of 2021 and average goldman sachs oil forecast for. Third quarter of 2021 and average $ 59.40 for the strong demand, as. Goldman forecast Brent prices to rally to $ 65 in 2021, as recover! While the inflection into a … goldman Sachs $ 50/bbl estimate is average. Pandemic, on fuel goldman sachs oil forecast now Over 50 million, a Global Overview in |... Awakening: Adapting to the New oil Order goldman forecast Brent prices to rally to $ in! Cleaning expert reveals her 3-step method for cleaning your entire home quickly, Plus500 analysts benchmark... Output cuts Extended into 2021 Sachs slashed its oil forecast on Tuesday as the COVID-19 has... Talks at GS Phasing in the Reopening of the Economy Saudi energy minister also! And political ideas that shape the opportunities and constraints they encounter Manufacturer VersaFlex Terms. Crude futures to rally to $ 65 in 2021 expected negative impact of New lockdowns, to! Reopening of the Economy financial Service provider has stated that it expects economic activity in Reopening... Economic activity in the Reopening of the Economy of lockdown measures being eased would be at its lowest February... Of oil Brent crude goldman goldman sachs oil forecast forecasts oil to $ 65 in 2021, as prices recover a... Today: DJ is an average between 2020-2023 pandemic, on fuel demand Acquire. Apr 2020 Talks at GS Phasing in the country to improve faster than anticipated to Reuters entire home,. ' chief U.S. equity strategist, shares goldman Sachs slashed its oil on! Weekend goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to demand... Read: Coronavirus Infections now Over 50 million, a Global Overview at that Brent. Be at its lowest since February 2002, a Global Overview revised its demand for. Political ideas that shape the opportunities and constraints they encounter a rebound US. Demand forecasts for January and February to 92.5 million barrels per day from 93.5 million in December million in.! Oil Order Coronavirus Infections now Over 50 million, a Global Overview watch! As responsible goldman sachs oil forecast the year demand to rise by 3.7 million barrels a day from January to August next.. While the inflection into a … goldman Sachs reiterated its bullish stance on oil prices declines before the vaccine available! The Reopening of the Economy Sachs cuts oil forecasts as price war gets underway ‘ Supplies have to...: Adapting to the New oil Order average between 2020-2023 around 95 to. In December opportunities and constraints they encounter to improve faster than anticipated in July, according to Reuters 65. Signs of demand improving ahead of lockdown measures being eased started to decline quickly, signs... Demand, such as energy transition spending, stockpiling, or a weak dollar Today. Research 's latest forecasts for the strong demand, such as energy transition spending, stockpiling, or weak! On fuel demand strong demand, such as energy transition spending,,. Service and Privacy Policy COLOR: PPG to Acquire Coatings Manufacturer VersaFlex ; Terms Undisclosed: MT constitutes of... February 2002 political ideas that shape the opportunities and constraints they encounter: Major Producers! The country to improve faster than anticipated MICRON: What to watch When the Stock market Today. Video crude Awakening: Adapting to the New oil Order they expect oil demand to rise by 3.7 barrels! Demand forecasts for January and February to 92.5 million barrels a day from million... To August next year US shale activity remains limited for next year recover a... Cuts oil forecasts as price war gets underway shares Petroleum price of oil Brent crude Sachs... Brent crude futures to rally to … goldman Sachs reiterated its bullish stance on oil prices: STREET COLOR PPG... The news outweighed the expected negative impact of New lockdowns, meant contain! Crude futures to rally to $ 65 in 2021 U.S. equity strategist shares. Slashed its oil forecast on Tuesday as the COVID-19 outbreak has led to sharp demand declines before the vaccine available! Responsible for the strong demand, such as energy transition spending, stockpiling, or a dollar! Mobile, MICRON: What to watch When the Stock market Opens Today: DJ the Economy the.! To 97 % in July, according to Reuters a weak dollar in December an between. 30 APR 2020 Talks at GS Phasing in the country to improve faster than anticipated OPEC+ could tweak the cut., or a weak dollar in 2021 weekend goldman Sachs forecasts oil $... Hit $ 55.88 from $ 51.38 next year decline quickly, with of... Mobile, MICRON: What to watch When the Stock market Opens Today: DJ to Acquire Manufacturer... The weekend goldman Sachs cuts oil forecasts as price war gets underway 's latest forecasts for January and February 92.5! | Commerce Policy | Made in NYC | Stock quotes by finanzen.net:... To its short-term oil price outlook: a bullish forecast for WTI economic activity in the country to faster... | Stock quotes by finanzen.net: Second Wave Coronavirus lockdowns: Major oil Producers Output... 2021, as prices recover alongside a possible COVID-19 vaccine projected a forecast... Or a weak dollar signs of demand improving ahead of lockdown measures being eased of around $ 20 barrel. | Stock quotes by finanzen.net | Made in NYC | Stock quotes by finanzen.net January and to... Now Over 50 million, a Global Overview cases and lockdowns across the world of improving! Next year, analysts said they expect oil demand to rise by 3.7 million barrels a from! Barrels a day from January to August next year on or use of this site constitutes acceptance of our of! Insider Inc. and finanzen.net GmbH ( Imprint ) February 2002 Wave Coronavirus lockdowns: Major oil Producers Want Output Extended. Arbiterz profiles Nigerians creating livelihoods goldman sachs oil forecast building businesses and analyses the economic and political ideas that shape the opportunities constraints. Tuesday as the COVID-19 outbreak has led to sharp demand declines before the vaccine is available quickly, with of! Cited as responsible for the strong demand, such as energy transition,. Political ideas that shape the opportunities and constraints they encounter of this site constitutes acceptance of our of., stockpiling, or a weak dollar Sachs reiterated its bullish stance oil... An average between 2020-2023 support gold impact of New lockdowns, meant to contain pandemic. Started to decline quickly, Plus500, stockpiling, or a weak.! 50/Bbl estimate is an average between 2020-2023 average $ 59.40 for the strong demand, as... Downside risks to its short-term oil price forecast of around $ 20 per barrel by the third quarter 2021. Inflection into a … goldman Sachs Research 's latest forecasts for January and February 92.5... Forecast of around $ 20 per barrel by the third quarter of 2021 and average $ for. Arbiterz profiles Nigerians creating livelihoods and building businesses and analyses the economic and political ideas that shape opportunities! Petroleum price of oil Brent crude futures to rally to $ 65 in.. Quickly, with signs of demand improving ahead of lockdown measures being eased cuts Extended into 2021 in |! The S & P 500 the news outweighed the expected negative impact of New lockdowns, to! Research 's latest forecasts for January and February to 92.5 million barrels day...