Goldman sees oil hitting $80/bbl

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply.

“The case for higher oil prices therefore remains intact given the large vaccine-driven increase in demand in the face of inelastic supply,” the bank said in a note dated Sunday.

Even “aggressively assuming” a restart of Iranian exports in July, Brent prices would still reach the $80 mark by the fourth quarter, it said.

Path Investments plc (LON:PATH) is an energy investment company, and is focused on making investments in the energy sector on a global basis. The company seeks to create value for its shareholders through acquisitions, joint ventures or direct interests in energy businesses or associated projects. 

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