Goldman Sachs boosts 2021 oil forecast and recommends Brent as an 'effective' hedge against uncertainty for investors.
International Energy Agency (IEA) - Oil Market Report October 2020.
- Global oil demand rose 3.4 mb/d month-on-month (m-o-m) in July, as coronavirus restrictions eased and summer holidays in the northern hemisphere supported a rise in transport fuel demand.
- Global oil supply fell in September as OPEC+ countries improved the compliance rate with their agreement. Also, maintenance and unplanned outages curbed output in Brazil, Canada and the North Sea. In October, Hurricane Delta shut in record volumes of United States offshore production
Analysts at the bank forecast international benchmark Brent will rally to $US65 per barrel from $US45 per barrel by the third quarter of 2021.
Analysts said they expect oil demand to rise by 3.7 million barrels per day from January to August next year.
Expect OSH $3.30 before Christmas IMO. HODL.
