Goldman Sachs says oil demand to outstrip supply later in 2023, a serious problem in 2024 | Forexlive

Jeff Currie heads commodities research at Goldman Sachs. He spoke on the sidelines of a conference in Riyadh, Saudi Arabia, on Sunday.

Bloomberg (gated) reports, main pints:

• Oil will rise back above $100 a barrel this year
• sanctions likely to cause Russian oil exports to drop
• Chinese demand expected to recover
• OPEC+ will unwind production limits and look to raise output later this year
• “Right now, we’re still balanced to a surplus because China has still yet to fully rebound”
• Capacity is likely to become a problem later this year when demand outstrips supplu
• “Are we going to run out of spare production capacity? Potentially by 2024 you start to have a serious problem.”

Oil trade is yet to open for the week. These remarks should act as a proper for the price.

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