Brent oil price forecast 2023 Goldman Sachs. The price of Brent crude oil could rise to $110 a barrel by the third quarter of 2023 if China and other Asian economies fully lift anti-coveting restrictions, said Jeffrey Currie, head of commodity research at Goldman Sachs.

“What’s idle? Planes, trains and cars. If you turn them all back on, demand for oil goes up sharply,” the analyst said.

On Jan. 11, crude oil Brent futures were trading at around $82 a barrel. Thus, according to Currie’s forecasts, oil could rise by almost a third from its current level. Brent is an international benchmark brand. In Russia, the benchmark oil brand is Urals.

What is Goldman Sachs Brent crude oil forecast based on?

China started to roll back its “zero tolerance” policy towards COVID-19 in the beginning of December following the mass protests against the quarantine measures held in the country. In particular, the country abolished indiscriminate universal PCR testing and allowed asymptomatic patients and those with mild COVID-19 to remain in home quarantine without compulsory hospitalization.

The country has since experienced a record outbreak of the coronavirus, with nearly 250 million people infected with COVID-19 in December, Bloomberg reported on December 23, citing classified data from China’s health committee. The Chinese authorities didn’t confirm this data and later refused to publish data on new infections.

The surge in coronavirus cases in China has led to a “paralysis of the entire system.” Local authorities are unable to cope with the outbreak, and crematoria remain overcrowded. The day before, CNN published a photo of queues at crematoriums in China.

Earlier, we reported that crude oil prices were rising after a 5 percent drop the day before.