This is from a Goldman Sachs note on oil, via a Reuters article (link here)
- the case for higher oil prices was still strong
- The market will remain in unsustainable deficits at current prices and equilibrium will still require “the destruction of demand on top of the ongoing economic downturn”,
- a divergence between Brent benchmark prices, which averaged $110 per barrel in June and July, and the global retail fuel price corresponding to the Brent equivalent of $160 per barrel has not enough to trigger enough demand destruction to end the supply deficit.
- cut its Brent price forecast for the third and fourth quarters to $110 and $125 a barrel, respectively, from previous forecasts of $140 and $130. It kept its 2023 outlook of $125 unchanged
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