OPEC will set a $80 floor for oil next year, say Goldman strategists - MarketWatch
OPEC will set a $80 floor for oil next year, say Goldman strategists - MarketWatch
Even as crude prices largely tumbled into a bear market this week, Goldman Sachs says investors can count on the world’s biggest oil cartel to keep a floor under the commodity in 2024.
“We believe that OPEC [Organization of the Petroleum Exporting Countries] will ensure Brent in a $80-$100 range by leveraging its pricing power, with a $80 floor from the OPEC put, and a $100 ceiling from spare capacity,” said a team of Goldman commodities analysts led by Daan Struyven, in a note to clients on Thursday.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.