Goldman Sachs forecasts 'sizeable deficits' in the oil markets driving higher crude prices, especially as an 'all time high' demand for the commodity looms.
The U.S. oil rig count recently hit its lowest level in 16 months, down 15% from its late 2022 peak, a recent Goldman report observed, citing data from Baker Hughes and Haver.Struyven suggested that the lack of an agreement following the G20 energy ministers' meeting indicates "very substantial" uncertainty about long-run oil demand.
The Group of 20 energy ministers met in India over the weekend, but left without reaching a consensus on the phasing down of fossil fuels, complicating the transition toward clean energy. "Key point here for investors is, with the uncertainty about oil demand being so elevated, investors may require a premium to compensate for the for the elevated risk from such elevated demand uncertainty," Struyven said.predicted that global oil demand is on track to rise by 2.4 million barrels per day in 2023, outpacing the previous year's 2.3 million barrel per day increase.
Over the weekend, secretary general of the International Energy Forum Joseph McMonigle had forecast that both India and China will make up 2 million barrels a day of demand pick-up in the second half of 2023.
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