Goldman Sachs GroupGlobal oil demand has exceeded 99 million b / d and will soon reach its pre-epidemic level of 100m b / d as Asia rebounds, analysts Callum Bruce and Damien Courvalin said in a report on Oct. 24.
Goldman Sachs Group said the conversion from natural gas to oil is likely to contribute at least 100b / d to oil demand. This continued shift will pose an upside risk to the bank's year-end Brent oil price forecast of $90 a barrel, although this is not the bank's basic forecast.
Goldman Sachs Group expects demand to remain close to pre-epidemic levels this winter.
Goldman Sachs Group said that given the decline in energy intensity in developed markets and rising income levels in emerging markets, oil prices are not high enough to undermine demand.