After Saudi Arabia and other major oil producers announced voluntary production cuts, crude oil bull Goldman Sachs has raised its forecast for Brent crude oil prices by the end of 2023 from $90 to $95, and by the end of 2024 from $97 to $100.
Goldman Sachs pointed out that OPEC + currently has stronger pricing power than in the past, and this unexpected production cut is consistent with their new principle of preemptive strikes, because they can act without significant loss of market share.
