March 01, 2023 09:40 GMT
Oil Prices To Rise Above $100/bbl By Fourth Quarter: Currie
Oil prices are expected to rise above $100/bbl by the fourth quarter of this year supported by the Chinese demand recovery, Jeff Currie, Head Of Commodities Research at Goldman Sachs said.
- Talking about oil prices Currie Said: “The big event last year was that not Russia, it was China. Global oil demand contracted 2% in the fourth quarter of last year.”
- “That created the spare capacity in oil, metals and everything and that manufacturing data that came out this morning says we are starting to reverse that.”
- “We created the supply not through investment but by China contracting through lockdowns. Now if China comes back we are going to lose that spare capacity and we will have the same problems as we had before but even much worse because we haven’t invested”, he added