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Goldman says oil could hit $100, demand might reach ‘new record high’ in the next two years


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Goldman Sachs predicts a new high in oil demand in 2022, and again in 2023.

Damien Courvalin, the investment bank’s head of energy research, also said Friday that oil at $100 per barrel was a possibility.

Oil demand was already at record levels before the latest omicron variant hit, and furthermore, demand for air travel should continue to recover, he said.

Oil at $110?

Courvalin said he would not rule out the possibility of oil prices hitting $100, and there are “two paths” that could lead to that.

The first is that costs go up as oil companies ramp up production. “There’s inflation, everywhere else in the economy, and eventually there’s inflation in oil services,” he said.

The other possibility is if the supply of oil can’t meet the demand as global economies reopen from the pandemic.

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Full article: CNBC

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