Goldman Sachs has hiked its 12 month forecast for Brent crude from its previous $93 to $100.
- says that "most of the rally behind us"
- "We believe that OPEC will be able to sustain Brent in an $80-to-$105 range in 2024 by leveraging robust Asia-centric global demand growth"
- "OPEC is unlikely to push prices to extreme levels, which would destroy its long-term residual demand"
- deficit estimated at 2 mn barrels a day in Q3 2023 and of 1.1 mn barrels a day in Q4 2023
- global consumption at a record level
