Goldman Sachs expected that an agreement between Saudi Arabia and the UAE regarding oil supplies would be a catalyst for a rise in prices in the coming months, as the American investment bank kept its Brent price forecast in the summer at $80 a barrel.<\/p>\n\n\n\n
An OPEC + source told Reuters yesterday, Wednesday, that Saudi Arabia and the UAE had reached a settlement on the OPEC + policy, in a step that would pave the way for an agreement to increase crude supplies in a tight oil market, which was denied by the UAE Ministry of Energy.<\/p>\n\n\n\n
Goldman Sachs forecasts an upside potential of between $2 and $4 per barrel for its summer forecast of $80 per barrel, and $75 per barrel for its 2022 Brent price forecast.<\/p>\n\n\n\n
The bank also indicated that the absence of an Iranian nuclear deal would raise its price forecast in 2022 by $10 a barrel.<\/p>\n\n\n\n
Iran and world powers have been negotiating since April to lift sanctions on Tehran, which have badly damaged its economy by slashing its crucial oil exports.<\/p>\n\n\n\n
Brent crude futures fell 0.6% to $74.32 a barrel on Thursday, while US West Texas Intermediate crude reached $72.61.<\/p>\n\n\n\n
“Such an agreement would help bridge the (modest) divide between both countries and help remove the (low probability) OPEC+ tail risks of a potential price war or insufficient production growth,”<\/p>\n\n\n\n
“We believe that risks to our bullish oil price forecasts are skewed to the upside, with the catalyst for such a move higher shifting from the demand to the supply side.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Goldman Sachs expected that an agreement between Saudi Arabia and the UAE regarding oil supplies would be a catalyst for a rise in prices in the coming months, as the American investment bank kept its Brent price forecast in the summer at $80 a barrel. An OPEC + source told Reuters yesterday, Wednesday, that Saudi …<\/p>\n","protected":false},"author":9,"featured_media":35469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7238,6858],"class_list":["post-48431","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-goldman-sachs","tag-us-economy"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/48431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=48431"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/48431\/revisions"}],"predecessor-version":[{"id":48432,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/48431\/revisions\/48432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/35469"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=48431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=48431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=48431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}