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Goldman Sachs has revised its global oil demand forecast, but left price target unchanged - ForexLive

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Goldman Sachs has revised its global oil demand forecast, but left price target unchanged | Forexlive

Goldman revised its global oil demand forecast for the year higher based on a less pessimistic growth outlook

- maintained its 12-month Brent price projection of $93/bbl
- arguing that higher realized inventories offset the demand boost

More:

GS estimate global oil demand rose to 102.8M bbl/day in July

- an all-time high
- Anticipate solid demand driving a larger than expected 1.8M bbl/day deficit in H2 of this year, and further out a 600K bbl/day deficit in 2024

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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