Goldman Sachs’ Energy Research and Senior Commodity Strategist offers his outlook on oil prices, in the face of Saturday’s attack on the Saudi Arabian oil and gas facilities.
“Brent oil up $3 to $5 if the shutdown time is less than a week.
Brent could rise $5 to $14 if the shutdown is longer, 2 to 6 weeks.
If the shutdown of production is more than 6 weeks price to over $75, shale oil production gets a big boost.”
- Russia’s Novak: There are enough commercial stockpiles to make up the shortfall from Saudi