A strong pick-up in fuel demand from China and flattish supply from other producers will push the oil market into a deficit in the second half of this year. This will lead OPEC to reverse its production cut at the June meeting, according to analysts at Goldman Sachs.
Goldman expects oil prices to rise gradually to $100 per barrel by December, assuming OPEC increases output by 1 million barrels per day in the second half. Even for 2024, the brokerage expects crude prices to remain around the same levels. However, if OPEC were to stay put, then Brent would likely reach $107 per barrel in December
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