Goldman Sachs raises its 12-month ahead Brent forecast to USD 100bbl (prev. USD 93/bbl), expects modestly sharper inventory draws

Assumes Saudi Arabia unwinds extra 1mln BPD cut gradually from Q2-2024, but 1.7mln cut with eight other OPEC+ nations remains fully in place next year.
Believe most of the rally is behind us, and that Brent is unlikely to sustainably exceed USD 105/bbl next year or to sustainably drop below USD 80/bbl due to the strong OPEC put.
Significantly lower OPEC supply and higher demand more than offset significantly higher US supply.
OPEC can sustain Brent in USD 80-105/bbl range in 2024, by leveraging robust Asia-centric global demand growth and exercising pricing power assertively.