Goldman Sachs expects the largest jump in oil demand in history

Published:

April 29, 2021 11:19 GMT

The bank expected that the reactivation of international travel and the acceleration of vaccination campaigns in Europe would lead to “an increase of 5.2 million barrels per day in the next six months.”

Goldman Sachs, one of the world’s largest investment and securities groups, predicts that demand for crude oil will rise dramatically over the next six months to record highs.

According to his predictions, the increase in travel demand and the acceleration of vaccination campaigns in Europe will lead to “the largest jump in oil demand in history, with an increase of 5.2 million barrels per day in the next six months.” In addition, it expects an increase in the price of crude oil to reach $ 80 a barrel this summer, warning that “the size of the next change in the volume of demand, a change that cannot be commensurate with supply, should not be underestimated.” It provides. FXStreet.

Also, Goldman Sachs estimates that easing international travel restrictions in May will increase jet fuel demand by 1.5 million barrels per day.

For its part, a report by experts from the Organization of the Petroleum Exporting Countries (OPEC +) and its allies (OPEC +) predicted that global oil demand in 2021 will grow by 6 million barrels per day, after a decrease in demand by 9.5 million barrels per day. Last year amid the pandemic, reports Reuters.

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