US investment bank Goldman Sachs said the crude market remains in a surprisingly large defcit globally, sharply raising its crude price forecasts for 2022 and 2023 as a result. In its latest forecasts published on 18 January, the bank said last year’s sharp crude price falls have been reversed by “robust fundamentals”, with the market remaining in a “sur- prisingly large defcit” with the impact created by the Omicron Covid-19 variant so far much smaller and briefer than was initially expected. The exception is China where its zero-Covid policy is likely to have a much greater efect and oil demand will be reduced by 500,000 b/d in this year’s frst half.
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