Goldman Sachs: Oil faces production issue in 2024

Good call: Prince Abdulaziz bin Salman at an international petroleum exhibition and conference in Abu Dhabi. The Saudi Energy Minister says the efforts of limiting supply by Opec saved oil markets during the plunge in demand during the Covid pandemic. — AP

NEW YORK: Oil will rise back above US$100 (RM425.80) a barrel this year and may face a serious supply problem in 2024 as spare production capacity runs out, says Goldman Sachs Group Inc.

With sanctions likely to cause Russian oil exports to drop and Chinese demand expected to recover as the country ends its zero-Covid policy, prices will rise above US$100 from their current level of around US$80 (RM340.64), according to Goldman.