China’s demand is expected to grow by 1.1 million barrels per day this year
Goldman Sachs expected Brent crude prices to reach $100 per barrel next December, compared to its previous expectations, which indicated that the price would reach that level in mid-2023.
The bank cut the average price of Brent crude this year from $98 to $92 a barrel.
The bank also expected China’s oil demand to grow by 1.1 million barrels per day this year, following restarting the economy with the abandonment of “Covid-19” restrictions.
In another context, the bank “Goldman Sachs” indicated that Russian oil is sold at a much higher price than the offered prices, which reduces the impact of Western sanctions on Russia.
The bank saw that the gap between the average actual price paid and the price offered amounted to regarding $25 per barrel in December.