[MoneyNeverSleeps]

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.”

[Truman]

Oil prices rose sharply overnight ($79.71/bbl, +1.65, +2.1%) following reports that Russia is aiming to lower its March oil output by 500,000 barrels, according to Bloomberg, in response to sanctions.

WTI crude oil futures, which reached $80.33/bbl earlier, trade at $78.84/bbl now.

[TradersCom]

Oil prices rallied Friday on the Russian geopolitical bid. Russia said they would cut production by 500kbbls in March just as Russia on Friday launche
[See the full post at: Around The Barrel – Crude Oil and Gasoline Outlook for the Week Ahead]

[Author]

Posts