Goldman Sachs has raised price forecasts for Brent crude futures following a surprise announcement from OPEC+ that the producer alliance will cut oil output further.
The price forecast for Brent for December 2023 was increased by $5 to $95 a barrel, while that for December 2024 was raised by $3 to $100 a barrel, Goldman analysts said in a note on Sunday.
Brent futures surged to a near one-month high of above $86 a barrel at the start of Monday's trading following the OPEC+ announcement. "The risks around cutting production have become asymmetric given how short positioning has become, and because price increases in response to tightening events can be stronger when the market is short."
The bank estimated that the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi Arabia and OPEC+ oil revenue.
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