on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook.
A reduced recession risk and a strong effort by the Organization of the Petroleum Exporting Countries to push up prices support Goldman’s view on higher oil prices and an outlook for less volatility, the analysts wrote in a note. The Wall-Street bank upgraded its oil demand estimate by around 550,000 bpd and sees 2023 supply higher by around 175,000 bpd.
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