Goldman Sachs Cuts China Oil Demand Forecast

US investment bank Goldman Sachs lowered its forecast for China’s oil demand in the next two months, citing mounting concerns about the impact of the next wave of COVID-19 infections.

The US bank, which already trimmed its forecast last month for emerging market demand due to the delta mutant strain, said in a note on Tuesday that it now expects demand to be hit by 1 million barrels per day in China.

But the bank said that the net impact of Delta on its forecast for global oil demand remains moderate, and cut its forecast for demand in the next two months to 97.8 million barrels per day from the 98.4 million barrels per day achieved in July.