Oil prices will soar above $80 by the end of the year. Which stocks will benefit

After a troubled 2020, oil prices have taken a steady growth trend: a partial recovery in demand after catastrophic lockdowns and well-thought-out OPEC actions allow oil quotes to stay at fairly high levels.

In early September, the cost of a barrel of Brent fixed above $70, and the next meeting of OPEC +, where the plan to increase production by 400 thousand barrels per day in October, did not affect the quotes much. And it is likely that current prices are not the ceiling at all, despite the ongoing uncertainty due to the spread of new strains of covid.

Goldman Sachs chief commodities analyst Jeff Curry told CNBC Sept. 2 that oil prices could rise even above the bank's year-end target of $80 a barrel as tight supply and stable demand signal higher prices.

“Demand is reaching sub-level levels and now it's a matter of supply. It is unlikely that Iran's production will increase further, and Hurricane Ida temporarily reduced oil production. It is likely that the market will become tighter - which means that there is a risk of an increase in our target price of $80 per barrel, ”Curry said.

By the way, Ida and hurricanes in general are a bigger factor influencing oil than it seems at first glance. "Ida" affected the work of nine refineries in the US state of Louisiana and practically stopped oil production in the Gulf of Mexico. REUTERS estimates that more than 94% of oil production in the bay has been shut down, equivalent to a 1.7 million bpd decline in production.