Factbox-Goldman Sachs lowers oil price forecasts for 2023, 2024

  • Reuters
  • Commodities News
Factbox-Goldman Sachs lowers oil price forecasts for 2023, 2024
Credit: © Reuters.

(Reuters) - Goldman Sachs (NYSE: GS ) lowered its crude price forecast for this year and 2024, citing a recent slump in oil prices due to banking stress, recession fears, and an exodus of investor flows.

"The first leg down in oil prices followed Powell’s hint at a potential return to 50 points hikes on March 7th, which revived recession worries," the bank said in a note.

"The second sharper leg down in oil prices coincided with signs of stress in the banking system and a sharp decline in bank equities and interest rates," the bank added.

Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand. [O/R]

The following is a list of the latest brokerage forecasts for 2022 average prices per barrel for Brent and WTI (in $ per barrel):

Brokerage/Agency Brent WTI Date


2023 2024 2023 2024

Goldman Sachs March 18

85.00 79.00

95.00 90.00

BofA Global Research 88.00 90.00 Feb. 26

Goldman Sachs 92.00 100.00 86.00 94.00 Feb. 9

Citi Research 80.00 75.00 NA

Goldman Sachs 98.00 92.00 Dec. 13

Barclays (LON: BARC ) 98.00 93.00 Oct. 21

*Commerzbank 100.00 -- Oct. 11

Fitch Solutions 100.00 98.00 Oct. 6

*UBS -- -- Oct. 5

Morgan Stanley (NYSE: MS ) (base case) 105.00 102.5 Oct. 5

ANZ 104.50 103.40 NA

Standard Chartered (LON: STAN ) 91.00 88.00 NA

BofA Global Research 95.00 90.00 NA

JPMorgan (NYSE: JPM ) 98.00 94 March 15

ABN Amro 76.00 74.00 NA

* indicates end-of-period forecast

© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly

# current as of given date, may not indicate date of revision

For a table of crude price forecasts as of Jan. 31, see

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