A top Goldman Sachs official said Tuesday there is a high likelihood that OPEC+ will order additional production cuts in December and that the bank expects oil prices to hit $110 per barrel next year due to recession fears, lower demand from China, and lack of clarity over the planned price cap on Russian oil.
An extended reduction in Chinese oil demand would have a big impact on global markets. Demand from China is"worth more than the OPEC cut for the month of November," Currie said. Concerns also remain over the G-7 Russian oil price cap slated to take effect in just six days. Russia"is just pushing barrels on the market right now before that Dec. 5 deadline for the export ban," Currie said.
GoldmanSachs Well of course as long as the US oil production is being cut off by JoeBiden and his administration and the oil is getting harder to get the price of it will go up
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