Goldman Sachs upgraded its Brent price estimates for 2022 and 2023, arguing that the global economy could face “the biggest energy shocks in its history”, given Russia’s central role in global energy supply.
Goldman Sachs upgraded estimates for Brent to $ 135 a barrel from 98 previously, and estimates for 2023 to $ 115 a barrel from $ 105.
There are reports that about half of March shipments remain unsold, which, if maintained, could lead to a reduction of 3 million barrels per day in Russian crude and petroleum exports, which would be the fifth largest monthly shutdown by B world War.
While imports of Russian crude have not been sanctioned, if that happened, the US would be alone in such a move, without the involvement of allies in Europe as they depend on Russia for gas and crude, sources say.
Russia is the second largest exporter of oil and sends about 7 million barrels of crude oil a day.
“In the short term, dealing with such a supply shock would require the combined assistance of global strategic stocks, the core of OPEC, Iran, and higher prices to reduce consumption,” Goldman Sachs said.
A slowdown in Iran talks on its nuclear program, which would end sanctions on the country’s oil sales, is also exacerbating price pressures, as Russia demands assurances from the United States that the sanctions it faces will not hurt its trade. with Tehran.
Source: Capital
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