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Goldman Sachs Group, Inc. : Goldman Sachs Strategist : Oil Price Could Reach $150/Bbl in Summer

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01/17/2013 | 05:01pm CEST

By Hans Bentzien

FRANKFURT--The price of oil could reach as much as $150 per barrel this summer, Goldman Sachs chief commodities strategist Jeff Currie said Thursday.

At this year's global strategy conference in Frankfurt, Mr. Currie that he thinks it possible the price may reach $150 a barrel for Brent oil.

He said he wouldn't be surprised "if we woke up in summer and oil cost $150" per barrel.

In December, Goldman's official forecast for 2013 was around $100 a barrel. Brent oil to be delivered in February at present costs $110, while WTI costs $94.

Mr. Currie pointed out that despite the boom in U.S. shale gas, the oil price remains high, which he attributed primarily to sanction-related supply disruptions in Iran.

Trying to compensate for this, Saudi Arabia has already increased its oil production to a 30-year high this year.

At the same time, Mr. Currie added that while global oil demand has increased at a slower pace, it is still higher than the production increases in non-OPEC countries.

Write to Hans Benztien at hans.bentzien@dowjones.com

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Financials ($)
Sales 2017 33 243 M
EBIT 2017 11 854 M
Net income 2017 7 797 M
Debt 2017 -
Yield 2017 1,21%
P/E ratio 2017 11,97
P/E ratio 2018 10,71
Capi. / Sales 2017 2,73x
Capi. / Sales 2018 2,66x
Capitalization 90 859 M
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Mean consensus HOLD
Number of Analysts 31
Average target price 248 $
Spread / Average Target 8,6%
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NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Harvey Mitchell Schwartz Co-President, Co-Chief Operating Officer & CFO
David Solomon Co-President & Co-Chief Operating Officer
James A. Johnson Independent Director
William W. George Independent Director
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