Goldman Sees Oil At $100 By 2023

Goldman Sachs has forecast crude oil prices could hit $100 in 2023 as demand growth outpaces supply growth. "There's insufficient supply in the face of strong demand," said Damien Courvalin, head of energy research at the investment bank, earlier today, as quoted by Bloomberg. "Oil prices have to be higher to overcome the higher cost of capital to fund projects." Even so, Goldman's current price forecast for Brent crude for 2022 and 2023 is $85 per barrel. The upside risks for triple-digit prices include cost inflation for drillers and a potential…