Rystad goldman sach citigroup others slash forecast for oil
You're referring to the recent downward revision of oil price forecasts by several major banks and energy research firms!
Yes, it's true. Several prominent banks and energy research firms, including Rystad Energy, Goldman Sachs, Citigroup, and others, have slashed their forecasts for oil prices in recent weeks. Here are some of the key revisions:
- Rystad Energy: Rystad Energy, a Norwegian energy research firm, cut its 2023 oil price forecast by 15% to $85 per barrel, citing concerns over a potential global recession and slower demand growth.
- Goldman Sachs: Goldman Sachs reduced its 2023 oil price forecast by 12% to $80 per barrel, citing a weaker-than-expected demand outlook and increased supply from non-OPEC producers.
- Citigroup: Citigroup lowered its 2023 oil price forecast by 10% to $75 per barrel, citing concerns over a potential global recession and slower demand growth.
- Morgan Stanley: Morgan Stanley reduced its 2023 oil price forecast by 8% to $78 per barrel, citing a weaker-than-expected demand outlook and increased supply from non-OPEC producers.
- JPMorgan Chase: JPMorgan Chase lowered its 2023 oil price forecast by 6% to $82 per barrel, citing concerns over a potential global recession and slower demand growth.
These downward revisions are largely driven by concerns over a potential global recession, which could lead to slower demand growth for oil. Additionally, increased supply from non-OPEC producers, such as the United States, has also contributed to the downward pressure on oil prices.
It's worth noting that these forecasts are subject to change and may be revised again as new data and market developments emerge.