US investment bank Goldman Sachs believes that record demand in oil markets will drive crude prices higher in the near term, reaching $86 per barrel by year-end.
“We expect pretty sizable deficits in the second half with deficits of almost two million barrels per day in the third quarter as demand reaches an all-time high,” Goldman’s head of oil research Daan Struyven told CNBC.
Although Struyven admitted that US crude oil production had risen significantly over the past year to 12.7 million barrels per day, he believed that the pace of growth will slow throughout the rest of 2023.
He stated the lack of an agreement following the G20 energy ministers’ meeting indicated “very substantial” uncertainty about long-run oil demand.
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