New York CNN —Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. Goldman Sachs had forecast Brent oil to be $86 in December and $93 at the end of 2024. First, Goldman Sachs expects Saudi oil supply to be 500,000 barrels per day smaller than previously anticipated. Secondly, Goldman Sachs warned that some of its assumptions for oil production may be incorrect if the OPEC+ cut extensions continue. In that scenario, Brent oil prices would likely climb to $107 a barrel in December 2024, the bank said.

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Persons: Saudi Arabia don’t, Goldman Sachs, Brent, don’t, Jake Sullivan, Joe Biden, ” Sullivan Organizations: New, New York CNN, Brent, Saudi, Goldman, US National Security Locations: New York, Russia, Saudi Arabia, North, OPEC, Saudi