• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 57 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 7 hours China's Blueprint For Global Power
  • 2 hours IMO 2020:
  • 4 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 8 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 12 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 12 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 5 hours Deepwater GOM Project Claims Industry First
  • 13 hours PETROLEUM for humanity 
  • 12 hours Idiotic Environmental Predictions
  • 6 hours Brexit agreement
Alt Text

Oil Slides On Trade War Anxiety

Oil prices dropped on Tuesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Goldman: Oil To Top $80 Within Six Months

Goldman Sachs has held one of the most optimistic views on the rebalancing of the oil market and oil prices in the near term, and the investment bank is now growing even more bullish, predicting that the oil market has likely balanced, and that Brent Crude will reach $82.50 a barrel within six months.

Goldman sees the price of Brent reaching $75 per barrel within three months, lifting its short-term oil price projection from the previous $62 forecast.

“The rebalancing of the oil market has likely been achieved, six months sooner than we had expected,” the bank’s analysts said in a report, as carried by Bloomberg.

“The decline in excess inventories was fast-forwarded in late 2017 by stellar demand growth, high OPEC compliance, heavy maintenance as well as collapsing Venezuela production,” Goldman noted.

At the end of last year, Goldman Sachs was more optimistic about the speed of the oil market rebalancing than many experts and other banks, and OPEC itself. The investment bank expected that the global oil overhang will have cleared by the middle of 2018, accelerating OPEC’s exit from the production cut pact that is currently set to expire at the end of 2018.

“The oil re-balancing continued its progress through November,” thanks to factors including “stellar” oil demand growth, Goldman said in December. Related: The Unintended Consequences Of Trump’s Solar Tariffs

Now Goldman has revised further up its global oil demand growth forecast, to reflect strong emerging market economies that will drive oil demand growth.

Expectations of robust oil demand growth also prompted JPMorgan to raise its forecast, seeing Brent prices averaging $70 this year, with a peak of $78 a barrel at some point in the first half, when strong demand will continue to push prices up.

JPMorgan also revised up its average forecast for WTI Crude by $10.70 to $65.63 per barrel this year.

At 10:18 a.m. EST on Thursday, WTI Crude was up 1.05 percent at $65.41, and Brent Crude was up 0.89 percent at $69.50.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Mamdouh G Salameh on February 01 2018 said:
    Is this the same Golden Sachs who had the most bearish sentiments on oil prices in 2017 and who a few months ago was projecting a continuation of oil glut and oil prices falling to $40/barrel in 2017?

    Nothing speaks louder than success. Now with all prices around $70/barrel and heading higher in 2018, banks and analysts alike are falling over themselves in expressing their most bullish sentiments.

    However, the writing was on the wall since January 2017 with the introduction of the OPEC/non-OPEC production cut agreement and the positive oil market fundamentals. But nobody was prepared to listen focusing, instead, on EIA’s and IEA’s hyping about US shale oil production and rising US oil inventories.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • citymoments on February 01 2018 said:
    It seems to me the 'so called oil analysts are more ignorant and incompetent than laymen, they all graduated from the same elite schools of mass education, never visited a real oil field in their life time, all were remunerated with a filthy fat paycheck for giving useless forecasts.

    A Self Taught Oil Expert.
  • Oil Guru on February 02 2018 said:
    Oil Guru says oil to be around $25 in 6 months. DO NOT BUY!!!!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play