• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 13 days Putin and Xi Bet on the Global South
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

Premium Content

Goldman Sachs Slashes Oil Price Forecast By $10

  • Goldman Sachs has cut its oil price forecast by $10.
  • The investment bank cited lockdowns in China as dampening demand.
  • Goldman also noted an increase in Russian oil exports ahead of the EU embargo as a cause for the forecast revision.

Goldman Sachs has cut its oil price forecast by $10 to $100 per barrel, citing lockdowns in China that would dampen demand for the commodity.

The investment bank’s analysts also noted the increased exports of Russian oil before the European Union embargo goes into effect next month as another reason for the forecast revision, according to ForexLive.

Just how much the oil price forecast context has changed this year shows in Goldman’s forecasts from January, when the bank warned that Brent could top $100 per barrel at some point in 2022.

That happened perhaps earlier than many have expected. Still, after that over-$100 peak, crude oil prices have fallen and stayed below the three-digit threshold, even though many argue that it’s a matter of time before they rebound above $100 again.

Goldman is one of the bullish forecasters, with its analysts saying earlier this month that Brent crude could return to above $100 sooner than previously thought. In fact, they said that Brent could breach $125 per barrel next year 

Again, the main reasons for the forecast were Chinese Covid policies and Russian oil supply, only in that forecast, the analysts cited the prospect of China relaxing its zero-Covid approach and the prospect of a steep drop in Russian oil exports following the EU embargo.

Some analysts, such as Danish Saxo Bank’s Ole Hansen, also note the OPEC+ production cut, which will reduce the globally available supply of crude oil in the coming months, while demand for non-Russian oil is expected to increase amid the embargo.

According to the International Energy Forum, a Saudi-based energy think-tank, Russian oil supply could drop by between one and three million barrels daily because of the embargo, which will undoubtedly have an impact on prices. Chinese Covid policies could mitigate this impact, capping a potential rally. 

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Carlos Blanco on November 21 2022 said:
    Let's admit it. China's zero covid policy is here to stay. The government will not budge to save face. Winter is coming so the cases will only get worse in China. The crude price will take some beatings. Even the ever-bullish Goldman Sachs does not see any upside for now.

    This should be great news for the rest of the world outside Russia. At least it will help to dampen the hot inflation. And at the end, even the players in the oil business need a stable and reasonable crude price.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News