• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 10 hours Adsorbent natural gas tanks are revolutionary.
  • 33 mins Total nonsense in climate debate
  • 4 mins Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 9 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 10 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 12 hours IMO2020 To scrub or not to scrub
  • 6 hours Theresa May to Step Down
  • 1 day Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 2 days Will Canada drop Liberals, vote in Conservatives?
  • 18 hours IMO 2020 could create fierce competition for scarce water resources
  • 2 hours Some Good News on Climate Change Maybe
  • 2 days Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 days Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
Alt Text

STEO: Brent To Average $70 This Year

The Energy Information Administration expects…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Goldman Sachs: Oil Unlikely To Reach $100

Crude oil is unlikely to reach US$100 a barrel as various analysts have warned, Goldman Sachs’ chief of commodities Jeffrey Currie told S&P Global Platts in an interview. This is not the first time the analyst has countered the dominant sentiment: in September, Currie also said the chances of Brent hitting US$100 were slim although not impossible.

"We're not saying $100 oil cannot happen. It's not our base case nor do we think it's very likely," Currie said, adding "sustainable loss in all of Iran's oil exports for an extendable period of time" had to emerge for the bullish predictions to become a reality.

The analyst went on to detail the reasons for this cautiousness: in addition to indications that Iran’s oil exports will not fall to zero—and one might add they won’t even fall to half what they were before, at least not immediately—production is growing. Saudi Arabia, if we are to believe self-reported figures, has been raising its production faster than many expected, strengthening hopes that there will be enough supply even after U.S. sanctions against Iran kick in.

"In the last four months we have seen a 20% rise in drilling in Saudi Arabia, you have already lost 700,000 b/d of Iranian exports and inventories built, which tells you there is already a lot more oil in the market," Currie said.

And production from other OPEC members has been growing or, in the case of Libya, stabilizing, which also adds fuel to the bearish case for oil prices, supported by downward revisions of demand by the International Energy Agency and OPEC itself.

"Our base case is for a modest decline in inventories in the fourth quarter, which will likely keep prices somewhere around $80/b," Currie told S&P Global Platts, reiterating a previous stance in which the Goldman Sachs commodities department had estimated that Brent prices will remain range-bound between US$60 and $80 during the last quarter of the year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Aghast on October 19 2018 said:
    In time, the price of crude oil will skyrocket.
  • Dan Foster on October 19 2018 said:
    Goldman are not hunters. This is the time of year endless pickup trucks are hauling sugar beets to their hunting spot in the Heartland. The massive energy use via Florida during off season winter while rebuilding along with the Carolinas will continue U.S. oil consumption at a feverish pace.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News