The financial institution in a word dated Thursday mentioned it expects a 0.7 million barrel per day (mb/d) deficit and a strong 1.6 million barrel per day demand progress in 2024.
Goldman highlighted that whereas it expects the oil market to tighten at a average tempo, nonetheless sees important spare capability to deal with tightening shocks.
It added within the word that Group of the Petroleum Exporting Nations (OPEC) is poised to keep up Brent inside the $80-$100 vary by establishing an « $80 flooring from the OPEC put, and a $100 ceiling from spare capability. »
In the meantime, Saudi Arabia and Russia, a part of the OPEC+ group of producers, this month confirmed they’d proceed with extra voluntary oil output cuts till the tip of the yr as concern over demand and financial progress proceed to weigh on crude markets.
International benchmark Brent futures have been buying and selling round $80 a barrel, after sinking over 5% to a 4 month-low on Thursday and on monitor for his or her fourth straight week of losses
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