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Derechos | Equipo Nizkor
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Derechos | Equipo Nizkor
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24Jul23
Goldman Sachs forecasts oil price to rise to $86 per barrel by year-end
Goldman Sachs' analysts expect record demand in oil markets in the second half of 2023 to drive crude prices up to $86 per barrel, CNBC reported on Monday
"We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an all-time high," Goldman's head of oil research Daan Struyven was quoted as saying. The bank forecasts Brent crude "to rise from just above $80 per barrel now to $86 per barrel by year-end," he added.
"We expect US crude supply growth to slow down pretty significantly to a sequential pace of just 200 barrels per day from here," Struyven said, pointing to the decline in rig counts. The US oil rig count recently hit its lowest level in 16 months, down 15% from its late 2022 peak, CNBC noted. The expert also suggested that "the lack of an agreement following the G20 energy ministers' meeting indicates 'very substantial' uncertainty about long-run oil demand."
The International Energy Agency (IEA) predicted in June that global oil demand is on track to rise by 2.4 mln barrels per day in 2023, outpacing the previous year's 2.3 mln barrel per day increase, CNBC said.
[Source: Tass, New York, 24Jul23]
Radio Nizkor
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