Oil to stay above $100 a barrel next year, analysts predict

Price forecasts for important commodities are changing due to the ongoing war in Ukraine. Oil is no exception. Its price is expected to remain above $100 per barrel next year, about a fifth higher than originally expected.

The average price of Brent crude is expected to climb to $135 per barrel this year. Analysts at the US investment bank Goldman Sachs think so. The experts adjust their estimate significantly upwards due to the outbreak of war in Ukraine and the resulting negative circumstances. This is mainly due to the insufficient supply of Russian oil on the market, which traders are shy to buy.

Goldman Sachs analysts originally predicted that the price of Brent crude oil would stay below $100 per barrel this year. Although black gold is expected to become slightly cheaper next year, the average price should still be around $115, which is about a fifth higher than the original estimate.

Russian oil sales have fallen by about half so far in March. Russia is thus exporting about three million barrels of oil less per day. According to Goldman Sachs, this is the fifth largest decline in oil supply since the end of the Second World War.

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