Goldman Sachs Global Head of Commodities Research Jeff Currie predicts that oil prices could skyrocket to $100 per barrel between October and December 2023.
He sees fast-growing demand for crude in China as the main driving force for prices. The country has recently lifted quarantine restrictions and is now expected to get its economy back on track, which in turn will prompt a restart of global reserve production capacities.
Oil prices have shown a steep fall in recent months, according to Andurand Capital CEO Pierre Andurand. However, amid China’s buoyant demand for crude this year, quotes may easily climb to $140 per barrel.
Saudi Arabia, the world’s largest oil exporter, announced it would raise most prices for crude shipments to Asia and Europe in April. The official selling price for Arab light crude to Asia for April rose by $2.5 to the Oman-Dubai average.
