• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 4 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 hours Fukushima
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 28 mins CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 37 mins Biden about to face first real test. Russia building up military on Ukraine border.
  • 3 days U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 14 hours New Chinese Coal Plants Equal All those in U.S.A
  • 19 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days Does .001 of Atmosphere Control Earth's Climate?!
  • 22 hours Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 2 days The coming Cyber Attack
  • 3 days NG spot prices hit triple digits for weekend delivery
  • 4 days Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
Oil Prices Drop On Third Wave Of Coronavirus Lockdowns

Oil Prices Drop On Third Wave Of Coronavirus Lockdowns

The unfortunate tanker mishap in…

Oil Rises On Strong Economic Growth Signals

Oil Rises On Strong Economic Growth Signals

Oil prices rose early on…

Will U.S. Shale Trigger Another Oil Price Crash?

Will U.S. Shale Trigger Another Oil Price Crash?

As fracking activity in the…

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 Sachs Predicts $51 Oil In 2021

Goldman Sachs raised its estimate for WTI Crude prices in 2021 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.   

“Oil production has started to decline quickly from a combination of scaleback in activity, shut-ins and core-OPEC/Russia production cuts,” Goldman Sachs Equity Research said in a note carried by Reuters.

“Demand is also beginning to recover from a low base, led by a restarting Chinese economy and in?ecting transportation demand in developed market economies,” analysts at Goldman Sachs said in the note.

Together with raising its forecast for WTI Crude, Goldman Sachs revised up its estimate for Brent Crude prices to $55.63 a barrel from $52.50 per barrel previously expected.

At 10:30 a.m. EDT on Monday, Brent Crude was up 1.89 percent at $26.94, and WTI Crude was trading at $20.19, up by 2.22 percent on the day, as some U.S. states and countries in Europe eased lockdowns days after OPEC+ began their pact to remove 9.7 million bpd from the market in May and June.

Even though oil producers finally agreed to cut production by nearly 10 million bpd, the deal will fail to support oil prices in the coming weeks as the agreement, albeit historic, is falling short of the enormous demand destruction and expectations, Goldman Sachs said after the OPEC+ deal was sealed.

After WTI Crude futures dipped to -$37 on April 20, the day before the May contract expired, Goldman’s head of commodities Jeffrey Currie said that the recovery in U.S. oil prices was still weeks away.

While Goldman Sachs doesn’t expect oil prices to jump too much in the coming weeks, it remains fairly bullish about oil demand in 2021 and the fact that major oil producers would slash production—OPEC+ because of their collective pact, and the U.S. and Canada, for example, because of market conditions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Maxander on May 05 2020 said:
    while major global refiners are still idle in coronavirus lockdown imposed by their frightened governments, Chinese refiners fully utilizing this opportune period by increasing refinery intake by 30-40% than normal.

Leave a comment




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