With modest growth of US production
Dubai – Al Arabiya.net
Posted on: August 17, 2023: 11:03 PM GST Last updated: August 18, 2023: 07:42 AM GST
Goldman Sachs recently revealed that global oil demand hit a historic record level during the month of July, predicting a record level of demand for the entire third quarter.
Goldman Sachs’ head of oil research, Dan Strueffen, said demand from China for oil is more solid than recent economic data.
He added that our assumptions have increased during the past months that the US and global economies are on their way to achieving a smooth slowdown, and this is due to the coherent economic data, with the decline in inflation rates, which indicates that the US Federal Reserve is on its way to stop raising interest rates.
He pointed out that the global demand for oil hit a record level in July, explaining that the risks associated with Russian production have become positive for prices.
Goldman Sachs expected Saudi Arabia to reduce its additional cuts next October, and said that there was no concern about Saudi Arabia’s share of oil exports to India because of Russia.
He also predicted modest growth in US oil production, and that Brent crude would reach $86 by the end of the year and rise to $93 after 12 months.
2023-08-18 03:42:52
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