The supply outages in Iran combined with the decision by OPEC+ not to take further action to offset the declines pushed Brent to multi-year highs this week, and led to a flurry of calls for $100 oil before the year is out. Bank of America Merrill Lynch even wondered if a 2008-style price spike was in the offing. Not everyone is getting so carried away. Barring another unexpected supply outage, the market should ride out the year just fine, according to Goldman Sachs. “[W]e believe another supply catalyst beyond Iran would likely be needed for prices to meaningfully break to the upside,” Goldman analysts wrote in a note. “In particular, we continue to expect that production from other OPEC producers and Russia will offset losses out of Iran, as has been the case so far.” The investment bank sees Brent “stabilizing back in their $70-80/bbl range into year-end.” The […]