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.
Key Quotes:
“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