- Joined
- Jan 20, 2004
- Messages
- 30,622
- Reaction score
- 19,691
One issue slowing adoption oil prices an fuel costscm are dropping. Over a million EV's were sold this year alone. This will reduce petrol use slightly. As of now between full EV an plug in Hybrid over 3 million on the road.
"
production are likely to persist in 2024, Goldman Sachs added.
Analysts said they expect US Lower 48 crude output to reach 11.4-million barrels per day (bpd) in the fourth quarter of 2024, and hiked its US total liquids supply growth forecast for the year to 0.9-million bpd from 0.5-million earlier.
However, Opec’s decision to rein in supply, a recovery in China, restocking in the US and a modest recession risk should limit downside risk to oil prices, the bank noted.
“Saudi Arabia is unlikely to ‘flush’ the market in 2024,” Goldman analysts said, adding “we expect full extensions of the Opec+ cuts announced in April 2023 (1.7-million bpd) through 2025 and of the additional 2.2-million bpd package through [the second quarter of] 2024.”
“We adjust our Opec range trade to a short $70 put, long $80/$90 call spread option on Brent June 24, and still recommend long summer 2024 gasoline margins,” they added"
"
production are likely to persist in 2024, Goldman Sachs added.
Analysts said they expect US Lower 48 crude output to reach 11.4-million barrels per day (bpd) in the fourth quarter of 2024, and hiked its US total liquids supply growth forecast for the year to 0.9-million bpd from 0.5-million earlier.
However, Opec’s decision to rein in supply, a recovery in China, restocking in the US and a modest recession risk should limit downside risk to oil prices, the bank noted.
“Saudi Arabia is unlikely to ‘flush’ the market in 2024,” Goldman analysts said, adding “we expect full extensions of the Opec+ cuts announced in April 2023 (1.7-million bpd) through 2025 and of the additional 2.2-million bpd package through [the second quarter of] 2024.”
“We adjust our Opec range trade to a short $70 put, long $80/$90 call spread option on Brent June 24, and still recommend long summer 2024 gasoline margins,” they added"