11:34 - 12.06.2023

---

June 12, Fineko/abc.az. For the third time in the last six months, Goldman Sachs has revised down its estimate of oil prices.

ABC.AZ reports with reference to Bloomberg that now the bank's analysts believe that by the end of the year Brent will cost about $86 barrel.

The previous figure, which was called in the bank, was the price of $95.

Goldman Sachs traditionally gives the highest forecasts for oil quotes. Six months ago, its experts generally believed that in December 2023, the price of oil could exceed $100.

Analysts' pessimism about oil related to two factors.

Firstly, it is an oversupply. According to Goldman, even countries that are under sanctions (in particular, Russia, Iran and Venezuela) have almost completely restored oil exports.

Secondly, there are quite serious concerns in the market about a possible recession in the global economy, and this also affects prices.

Even after OPEC+'s decision to reduce production to 40.46 million barrels per day, oil did not show a steady trend for price growth. So, on June 9, August Brent contracts were traded at $74.79 a barrel.