• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 9 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 10 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 36 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 4 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 16 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 2 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 23 mins US to Drown the World in Oil
  • 16 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 16 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 15 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 2 hours LA Solar Power/Storage Contract
  • 14 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 hour Iran Is Winning Big In The Middle East
Alt Text

Oil Craters On Fears of Currency War

Oil prices plunged on Wednesday…

Alt Text

The Downside Risk For Oil Prices Is Undeniable

From trade wars, to slowing…

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