The U.S. oil rig count recently hit its lowest level in 16 months, down 15% from its late 2022 peak, a recent Goldman report observed, citing data from Baker Hughes and Haver.Struyven suggested that the lack of an agreement following the G20 energy ministers' meeting indicates "very substantial" uncertainty about long-run oil demand.
The Group of 20 energy ministers met in India over the weekend, but left without reaching a consensus on the phasing down of fossil fuels, complicating the transition toward clean energy. "Key point here for investors is, with the uncertainty about oil demand being so elevated, investors may require a premium to compensate for the for the elevated risk from such elevated demand uncertainty," Struyven said.predicted that global oil demand is on track to rise by 2.4 million barrels per day in 2023, outpacing the previous year's 2.3 million barrel per day increase.
Over the weekend, secretary general of the International Energy Forum Joseph McMonigle had forecast that both India and China will make up 2 million barrels a day of demand pick-up in the second half of 2023.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
41 stocks that will earn higher profits than the market: Goldman SachsGoldman Sachs: These 41 stocks are poised to earn higher profits than the rest of the market over the next year and a half — including one that could see earnings grow by 345% by the end of 2024
Source: BusinessInsider - 🏆 729. / 51 Read more »
Robert Shiller says home-price rally may end when Fed stops hiking ratesRobert Shiller says decade-long rally in home prices could end when the Fed wraps its hiking cycle
Source: BusinessInsider - 🏆 729. / 51 Read more »