A Cold Winter Could Send Oil Prices Soaring Past $100

Author: External Author | Oct 27, 2021 | Categories: Gas Well Optimization , Horizontal Bumper Spring , Horizontal Standing Valve , Offset Well Monitoring , Oil Well Optimization , Oilfield Services , Oilfield Swabbing , Plunger Lift Installation , Plunger Lift Maintenance , Plunger Lift Services , Surface Casing Vent Monitoring , Well Pressure Monitoring , Wireline Services

The spike in oil prices to the highest in years after OPEC+ said it will not add more barrels than the initially agreed 400,000 bpd monthly was expected. The forecasts by bank analysts that oil could go higher before the year is over were also expected. Now, some are expecting a further climb towards $100. The good news is that even if it happens, it won’t last. Goldman Sachs recently updated its oil price forecast for the final quarter, saying it now expected Brent crude to reach $90 per barrel by the end of December. Before that, the bank said oil demand could jump by 900,000 bpd if the winter was colder.

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Original Article Source Credits: BAYSTREET, https://www.baystreet.ca

Article Written By: Baystreet Staff

Original Article Posted on: October 8, 2021

Link to Original Article: https://www.baystreet.ca/commodities/5021/A-Cold-Winter-Could-Send-Oil-Prices-Soaring-Past-100