Goldman Commodities Research raised its forecast for the price of Brent crude oil by ten dollars for the second and third quarters of 2021 to reach $ 70 a barrel in the second quarter from the $ 60 it had previously expected and to reach $ 75 in the third quarter from $ 65 in the past, indicating lower expectations for stocks. Rising cost margins for resuming upstream activities and speculative inflows.
According to CNB Arabia, Goldman said in a note dated Sunday, we believe that restoring balance at this faster pace during what was expected to be the dark winter days would be followed by impotence It is increasing this spring at a time when demand will recover faster than supply, setting the stage for a tight metropolitan market.
The bank now expects global oil demand to reach 100 million barrels per day by late July 2021, compared to its previous forecast for August 2021.
Oil prices rose today, Monday, as the slow return to US crude production, which has been reduced by freezing weather, raises concerns about supplies while demand recovers.
Goldman expects that the freezing weather in Texas will lead to a global deficit of 1.5 million barrels per day this month and reduce production by 0.2 million barrels per day in March due to damaged infrastructure and other factors .
Goldman said that an agreement to increase production by the Organization of the Petroleum Exporting Countries (OPEC) and its allies at the next meeting in March will not have a downward impact on prices as supplies Lags already.
The bank expects an increase in quotas of 0.5 million barrels per day in August, in light of Saudi Arabia's retreat from a single cut of one million barrels per day, and continues to expect modest exports from Iran This year.
And last week, UPS raised its Brent price forecast to $ 68 a barrel for the second half of this year.
