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24 October 2022 | Other

Goldman Sachs analysts believe SPR releases won't have a significant impact on oil price

Brent
WTI Light Crude Oil

Goldman Sachs reported Thursday that the Cabinet of Joe Biden intends to continue to release Strategic Petroleum Reserve (SPR) to the extent necessary. For the most part, the goal of such actions is to lower retail rates, which at the current level of oil prices are unlikely to fall on their own.

OPEC+ recently announced that they plan to reduce oil production. Wanting to prevent spikes in the price of oil, Joe Biden decided to sell 15 million barrels from the strategic oil reserve by the end of this year. He announced it on Wednesday. 

Goldman Sachs predicts the price per barrel of Brent oil in 2022 will be $104, while in 2023 the price will increase to $110.

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