Goldman Sachs reduces oil price forecast by 10% amid Russian supply recovery.
Goldman Sachs has lowered its 2023 outlook on the price of Brent Crude to $86 a barrel due to strengthening oil supply and weakening demand. The investment firm had initially predicted $95 a barrel. Goldman Sachs said that significant supply beats from Iran and Russia have driven speculative positioning to near record lows. However, the bank's constructive oil call remains unchanged and includes demand growth for service-oriented refined products, a slowdown in U.S. supply, and OPEC's pricing power.
