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G Sachs Raises 4Q Brent Oil TP to USD90 per Barrel on Middle East Output Cuts
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G Sachs has raised its target price for Brent oil in 4Q to USD90 per barrel, and lifted its New York oil price forecast to USD83 per barrel, reflecting reduced output in the Middle East. G Sachs said that due to upside risks to oil prices, exceptionally high refined oil product prices, risks of refined product shortages and the unprecedented scale of the shock, the risks facing the economy are greater than indicated in its baseline forecast. Under its baseline scenario, G Sachs expects exports through the Strait of Hormuz to return to normal by end-June, alongside a rapid recovery in production in the Gulf region. The bank estimates that Middle East crude oil output has fallen by 14.5 million barrels per day, resulting in a record drawdown in global oil inventories of 11 million to 12 million barrels per day over four months. G Sachs forecasts that the global oil market will shift from a supply surplus of 1.8 million barrels per day last year to a supply deficit of 9.6 million barrels per day in 2Q26. In light of the sharp rise in refined product prices, global oil demand is expected to decline by 1.7 million barrels per day in the second quarter, with full-year demand projected to decrease by 100,000 barrels per day YoY. (mn/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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