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Oil Prices Expected To Surge Following Russian And Saudi Supply Cuts

Goldman Sachs has warned its clients that oil prices could skyrocket to $107 per barrel next year should Russia and Saudi Arabia continue to implement aggressive output cuts. This comes after the two nations announced that they would extend their production cuts until the end of the year.

Brent crude oil sailed above $91 per barrel following the announcement; the first time it hit this height in 10 months. According to Goldman Sachs’s previous forecasts, Brent oil would reach $86 per barrel in December and $93 by the end of 2024 barring any unforeseen drastic macroeconomic changes.

The investment bank expects Saudi oil supply to be 500,000 barrels below its previous expectations. Still, Goldman Sachs warned that price increases could be even more drastic than it expected if should output cuts be extended further than the end of 2023.

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