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Goldman Sachs: The price of a barrel of oil will reach $ 82 in May
LONDON: The price of Brent crude will reach $ 75 a barrel in the next three months and continue to rise to $ 82.50 in the next six months, the Goldman Sachs Group said.
"The group adjusted earlier forecasts that were lower in price estimates," the group said in a report on Monday. "The previous estimates for both periods were around $ 62 a barrel." It is certain that it will reflect stronger economic growth in emerging markets. "
"A growing group of analysts has already begun to reconsider their expectations of OPEC's position on the successive price increases expected," the report noted, pointing out that some analysts expect the possibility of Opec tightened market tightening and increased adherence to efforts to cooperate producers to reduce global oil supply.
The report pointed out that the achievement of further oil price gains expected in the coming period will accelerate the pace of the market to restore the balance between supply and demand, adding that the high rate of global economic growth will strengthen the level of demand for crude, especially in emerging economies.
According to the Goldman Sachs report, the deal between OPEC and the independents has already achieved its goal of returning bloated stocks to normal levels. The periodic survey indicated that general compliance among the 12 member states of the Organization was 127 percent in January, Russia is close to 100 per cent.
Oil prices fell at the end of last week as the dollar rallied after strong jobs data in the US, but OPEC's continued commitment to supply cuts and rising global demand helped keep most of the upward trend seen earlier in the year.
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