Daan Struyven from Goldman Sachs, in an interview with CNBC, stated that there is a record demand expectation in the oil markets and therefore they expect prices to rise in the near term. Struyven stated that with demand reaching an all-time high, there will be around 2 million barrels per day demand in the third quarter, but they foresee a significant supply gap in the second half.
It was announced that Struyven’s forecast for Brent oil prices, which is currently just over $80 per barrel, is to increase to $86 by the end of the year.
Struyven said that US crude oil production increased significantly last year to 12.7 million barrels per day, but the growth rate will slow down in the rest of 2023.
Another name who recently made statements about oil prices was IEA President Fatih Birol. In his statement, Birol emphasized that the direction of prices will be determined by China and pointed to the economic growth data. Eyes are especially focused on the data published on the extent of the economic recovery in China.
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