American bank “Goldman Sachs Group Inc.” raised its forecast for the average price of Brent oil for 12 months from July 2022 to July 2023 by $10, to $135 per barrel, amid a recovery in global demand and a reduction in supplies from Russia.

At such prices, global oil inventories will normalize by the end of 2023, Bloomberg writes, citing the group’s forecast.

Oil reserves in the world are now 75 million barrels lower than previously expected, and the supply deficit in the third quarter will be about 400 thousand barrels per day, experts believe.

According to them, production in Russia by the end of the year will be reduced by 1 million barrels per day from the May level of 10.8 million bpd.

Source: Turan News Agency