×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: oil at 200 a barrel | energy supplies | russia war in ukraine

World Faces Energy Supply Shock: Goldman Sachs

oil tankers
Oil tankers fill up at Marathon in Salt Lake City, Utah on May 20, 2021, ahead of the Memorial Day holiday rush. (Getty Images)

Tuesday, 08 March 2022 11:56 AM EST

Goldman Sachs hiked its price forecasts for Brent oil, saying the world could be facing one of "largest energy supply shocks ever" because of the Ukraine crisis, while Barclays said prices in its worst case scenario could top $200 a barrel.

Oslo-based consultancy Rystad Energy also said Brent could rise to $200 if Europe, and the United States banned Russian oil imports.

Goldman raised its 2022 Brent spot price forecast to $135 per barrel from $98 and its 2023 outlook to $115 from $105.

More than half of Russia's March loadings so far were reported unsold and, if sustained, this could represent a 3 million barrel per day (bpd) fall in Russian crude and product seaborne exports, the fifth largest disruption in a month since World War Two, the bank said in a note.

The United States and Europe have not imposed sanctions on Russian oil and gas exports, but many buyers are reluctant to make purchases to avoid becoming entangled in sanctions indirectly, while Washington has said it could act alone in banning Russian oil imports.

Russia, the world's second biggest oil exporter, ships about 7 million bpd of crude and oil products.

"In the short term, coping with such a supply shock would require the combined help of global strategic reserves, core-OPEC, Iran and higher prices to reduce consumption," Goldman said.

Barclays said disrupting most of Russian seaborne crude supplies in its worst case scenario could push prices above $200, although it did not revise its 2022 Brent forecast saying "the situation remains highly fluid."

Oil prices climbed above $130 on Tuesday on expectations the United States would formally ban Russian oil imports.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Goldman Sachs hiked its price forecasts for Brent oil, saying the world could be facing one of "largest energy supply shocks ever" because of the Ukraine crisis, while Barclays said prices in its worst case scenario could top $200 a barrel.
oil at 200 a barrel, energy supplies, russia war in ukraine
275
2022-56-08
Tuesday, 08 March 2022 11:56 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved