Reply To: Around The Barrel – Crude Oil Outlook with Iran and Israel at War


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

Bloomberg reports,

Sees oil over $100 this year
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.”