Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs

Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, on April 14, 2020. Dado Ruvic/Reuters
Bryan Jung
Updated:
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Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry.

The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its current level of around $80 by the end of the year. Goldman’s chief commodity strategist Jeff Currie told Bloomberg News.
Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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