Goldman Sachs expects oil prices to hit US$80/barrel in the fourth quarter

According to a report by EnergyWorld.

The bank said in a report on Sunday that, therefore, in the face of inelastic supply, vaccine-driven demand has increased substantially, and reasons for rising oil prices still exist.

Goldman Sachs said that the demand recovery in developed markets will offset the recent impact of the new crown epidemic on consumption, as well as the possible slowing recovery in South Asia and Latin America.

The report said that with the acceleration of vaccination and the lifting of the blockade, the mobility of the United States and Europe is increasing rapidly, and freight and industrial activities are also increasing.

The bank also predicts that OPEC+ will stop increasing production for two months in the second half of 2021

The original text is as follows:

Goldman sees oil hitting $80/bbl despite likely return of Iran supply

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand.

Goldman Sachs said a demand recovery in developed markets would offset a recent coronavirus-led hit to consumption and likely slower recovery in South Asia and Latin America.

Global demand could increase by 4.

　　"Mobility is rapidly increasing in the US and Europe, as vaccinations accelerate and lockdowns are lifted, with freight and industrial activity also surging," the note said.

　　The bank also expects the Organization of the Oil Producing Countries (OPEC) and allies including Russia, a grouping known as OPEC+, to offset any ramp-up in Iran production by halting for two months an increase in its output in the second half of 2021 .