I estimate oil's intrinsic worth to to be 140 USD a barrel in the next 7 years.
The only reason the price of oil has not exploded to above 140 USD so far is the appreciation of the United Stated Dollar.
I agree partially with JPMorgan's forecast that the price of a barrel of oil could reach 180 USD.
If Russia, which supplies around 16 % of the world's oil output suddenly decreases its oil production or stops producing oil altogether the price of oil could easily top 250 USD per barrel.
Plunging the world into a recession.
Goldman Sachs could prove right that we are in another commodities super cycle.
And the Russia - Ukraine conflict could easily escalate further. Countries like Poland, Turkey, Azerbaijan, Serbia, Bulgaria, China etc. have long gritted their teeth, harbouring ambitions for currently foreign territories they consider their own or at least part of their people, cultural heritage.
Goldman Sachs and JP Morgan could prove spot on.
Wall Street research could actually prove quite good! 😀
Actually, there are quite good, even brilliant people working in Wall Street research departments, who if left in an unbiased environment could produce actually brilliant/genius research forecasts.
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