Goldman Claims Oil Prices Could Hit $107 If OPEC+ Extends Cuts Next Year

Oil prices could hit $107 per barrel next year if OPEC+ producers do not reverse their production cuts in 2024, Goldman Sachs said, noting that a triple-digit price is not the bank’s base-case scenario. On Tuesday, Saudi Arabia extended its 1 million barrels per day (bpd) cut through December 2023 in a move it says reinforces “the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.” The cuts, which mean the Saudis will pump 9 million bpd until the end of the year,…