Goldman Sachs raises oil price forecast due to supply shortages

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Jinse Finance reported that on April 27, due to a decline in production in the Middle East, Goldman Sachs raised its Q4 Brent crude oil price forecast to $90 per barrel and its WTI crude oil price forecast to $83 per barrel. In a report dated April 26, a team of Goldman Sachs analysts said, “Because there are net upside risks to oil prices, refined product prices are abnormally high, there are risks of refined product supply shortages, and the scale of this shock is unprecedented, the economic risks are greater than what our single crude oil baseline scenario indicates.” Goldman Sachs estimated that Middle Eastern crude oil production has fallen by 14.5 million barrels per day, causing global crude oil inventories to decline at a record daily pace of 11 million to 12 million barrels in April.

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