Goldman Sachs sees Brent value upside dangers in brief time period, medium-term skewed to draw back

Goldman Sachs:

• Sees upside dangers to Brent costs in brief time period, with Brent rising to
  mid-$80s in 2025H1 if Iran provide drops 1mb/d on tighter sanctions
  enforcement
• Sees medium-term
  value dangers skewed to the draw back given excessive spare capability
• Estimates that Brent
  drops to the low $60s in 2026 in a 10% across-the-board tariff
  situation or if OPEC provide rises by way of 2025

This text was written by Aaron Cutchburt at www.ubaidahsan.com.



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