With the decision to reduce daily oil production by 500,000 barrels per day, Saudi Arabia changed the situation in the global energy market. Thanks to similar measures from other OPEC+ members, including Russia, North Sea Brent crude oil prices could approach $100 a barrel in the near future. informs Bloomberg agency.
On April 2, many OPEC+ countries, including Russia, declarationHe said that they will reduce oil production until the end of the year due to the unpredictability in the world raw material market. Moscow said it would cut production by 500,000 barrels per day in a similar decision taken by Saudi Arabia. In total, the total decrease in daily raw material production will be more than 1.5 million barrels.
“Saudi oil surprise fuels prices for an even bigger rally. The probability of a return to $100 per barrel, which was widely believed in the industry at the beginning of the year, seems to be returning again. Stock prices rose to $84 a barrel, Goldman Sachs revised its year-end forecast to $95, and other analysts even started talking about triple-digit numbers.
April 3 Analysts of the American investment bank Goldman Sachs updated Your own forecast for December 2023 oil prices. According to the forecast, which has been revised so far, the cost of North Sea Brent crude oil will likely be around $95 per barrel, approaching $100 by the end of 2024. One of the main reasons for the change in the forecast was the decision of several OPEC+ countries to reduce daily oil production, including Russia and Saudi Arabia.