• Analytics
  • News and Tools
  • Market News
  • Goldman Sachs sees lower oil demand growth in 2019
Goldman Sachs sees lower oil demand growth in 2019
22.07.2019, 07:42

Goldman Sachs sees lower oil demand growth in 2019

Goldman Sachs lowered its year-on-year oil demand forecast for 2019 citing disappointing global economic activity, which was further weighed down by milder weather, fuel power demand destruction and historical downward revisions, suggesting lower oil demand growth in 2018.

The bank revised down its 2019 oil demand growth forecast to 1.275 million barrels per day (mb/d), from 1.45 mb/d at the beginning of the year. However, this is still above the consensus estimates at about 1.05 mb/d for 2019, bank added.

"All else constant, we estimate that an upward revision of consensus 2019 oil demand growth expectations to our 1.275 mb/d forecast would rally Brent prices by $6 per barrel," it said.

Goldman forecast 2020 oil demand growth at 1.45 mb/d on a gradual acceleration in global economic growth as well as a demand boost from International Maritime Organization's new fuel rules for ships from the start of 2020.

© 2000-2020. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Live Chat E-mail
Choose your language / location