Oil bound for sharper declines, industry experts tell Goldman Sachs

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Oil bound for sharper declines, industry experts tell Goldman Sachs GlobeInvestor

This translation has been automatically generated and has not been verified for accuracy.Oil prices could continue to tumble on slashed demand amid the coronavirus crisis, industry experts said in interviews published by Goldman Sachs, exacerbated by a market share tussle among top producers as the world runs out of storage space.

Oil expert and Pullitzer-winning author Daniel Yergin told Goldman Sachs that demand could fall by 20 million barrels per day in April, or even more, referring to the “biggest demand drop in modern times” while Saudi Arabia and Russia engage in a price war.“We’re in for a period of low prices, at least for the next several months, and maybe longer,” Yergin said.

How long it takes for the current surplus to be eliminated, and how long prices would stay low, depends more on the trajectory of the coronavirus pandemic, said PIRA Energy Group founder Gary Ross.

 

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