Recently oil prices have fallen to their lowest levels this year on concerns over rising interest rates in the U.S. and uncertain global economic conditions. As prices continue to fall, OPEC+ announced its plans to opt against cutting production further. Oil prices have declined by approximately 20% over the past month, giving up all of this year’s gains.
Moreover, Goldman Sachs slashed their oil price forecast for the next year’s levels. The bank now estimates that the average price of Brent crude in 2023 will be $97.50 per barrel, down from their earlier prediction of $110 per barrel.
