Goldman cuts 2023 oil price forecast due to weakening demand outlook

RIYADH: Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger US dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook.

Goldman’s commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023.