Goldman Sachs on Russian oil production, outlines both downside & upside risk to oil price

Info via a Reuters report citing a Goldman Sachs note.

• the current resilience in Russian oil production, if sustained, places only moderate downside risk of about $9 per barrel on its "bullish" 2023 average Brent forecast of $97.5 per barrel
• GS expects Russian oil production to drop by 0.6 million barrels per day by April due to a lack of tankers to fully redirect oil following the upcoming European embargo
• "However, any retaliation via voluntary production cuts also implies some upside oil price risk"

Link to Reuters for more here

Oil has caught a wee bid as optimism on the global economy has picked up. That got a set back overnight:

• Just when the outlook began to improve for 2023, the risks begin to crystalize