Jeff Currie heads commodities research at Goldman Sachs. He spoke on the sidelines of a conference in Riyadh, Saudi Arabia, on Sunday.
Bloomberg (gated) reports, main pints:
- 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.”
Oil trade is yet to open for the week. These remarks should act as a proper for the price.
-
