Goldman Sachs revised upward its forecast for global oil demand for this year, but kept its 12-month Brent crude price forecast at $93 a barrel, as increased inventories offset the support demand received from ebbing pessimism about the growth outlook.<\/p>\n\n\n\n
Goldman Sachs analysts estimated a jump in global oil demand to an all-time high of 102.8 million barrels per day in July, and expect stronger demand to lead to a bigger-than-expected deficit of 1.8 million barrels per day in the second half of this year and 0. 6 million barrels per day in 2024.<\/p>\n\n\n\n
Analysts wrote in a note that declining recessionary risks and a strong effort by the Organization of the Petroleum Exporting Countries (OPEC) to increase price support supports Goldman’s expectations of higher oil prices and lower volatility.<\/p>\n\n\n\n
On Monday, oil prices approached the highest level in three months and were heading for the largest monthly gain in more than a year, amid expectations that Saudi Arabia will extend a voluntary cut in production in September and global supply scarcity.<\/p>\n\n\n\n
Goldman analysts said Saudi supply cuts have restored the deficit, adding that they expect the additional Saudi cuts of 1 million barrels per day (bpd) to continue in September and halve from October.<\/p>\n","protected":false},"excerpt":{"rendered":"
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