Goldman Sachs sees the disruptions in Libya as short lived with 600,000 barrels per day falling off the market in September and 200,000 bpd in October.
Goldman expects the production halt in Libya to be short lived.U.S. crude oil futures slipped to $77 per barrel on Tuesday, after surging in the previous session on OPEC member Libya halting production and exports.
Libya produces about 1.2 million barrels per day with the overwhelming majority of its crude exported to the global market, with European nations serving as the main buyers. U.S. oil surged because it is the best substitute for importers looking to replace lost Libyan supply.But the U.S.
Libya is divided between rival governments in Tripoli and Benghazi. The Benghazi government announced the production halt Monday amid a dispute with the Tripoli government over who should lead the central bank. Goldman slashed its forecast for Brent prices by $5 to a range of $70 to $85 per barrel and expects the global benchmark to average $77 in 2025, down from $82 previously.
Demand in China has softened as the world's second-largest economy switches from gasoline-powered cars to electric vehicles, Daan Struyven, head of oil research at Goldman, told clients in a Monday note. And supply out of the U.S. is beating expectations on efficiency gains, Struyven said.The long-term winners as AI boosts U.S. power needs, according to MizuhoCelebrity News
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