Goldman Sachs expects Brent Crude – the Asian benchmark for oil – to remain around $105 per barrel levels in 2023, APA-Economics reports citing foreign media.
Earlier, the brokerage expected crude to be around $100/bbl levels. It says that the fundamentals of crude have remained robust, despite Omicron demand hit. Along with this, due to reluctance in investments in oil during the energy transition phase and the gradual depletion of shale’s geological, midstream and service capacities, Brent
Crude is expected to remain at high levels. Year-to-date, Brent Crude has risen by 12%, taking the prices to their highest level since 2014. Other foreign brokerages like
JPMorgan and BofA expect crude to sustain at $120-125/bbl levels.