Goldman Sachs predicts that oil prices will rise to over $100 a barrel by the end of 2024
- With sanctions on Iran and Russia likely to ease, global oil markets should balance a deficit of supply and demand
- Meanwhile, a lack of spending in the industry on production needed to meet demand will also lead to higher prices
- Jeff Currie, chief commodity strategist at Goldman Sachs, predicted that by May, the world will have a surplus of supply compared to demand
Capacity is likely to become a problem later this year when demand outstrips supply
- Saudi energy minister Prince Abdulaziz bin Salman also used remarks at the Riyadh conference on Saturday to decry the lack of investment in refining capacity that has left the world undersupplied.
- OPEC+ would remain cautious in deciding when to ramp up output.
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