Goldman Sachs: Oil demand could exceed supply by end-May ...United Arab Emirates

Russia Today - Economy
Goldman Sachs: Oil demand could exceed supply by end-May
source : Russia Today ( United Arab Emirates ) () 82
Oil demand could rebound enough to exceed supply by the end of this month, Goldman’s head of commodities Jeffrey Currie told Barron’s Market Brief. He noted that this would be in no small part because of the production cuts implemented by all major producers. However, there are some 1.2 billion barrels in storage, Currie added, that would need to be drawn down before prices improve for more than a couple of hours. This, according to Currie, will happen in three stages. The first oil in storage to go would be the millions of barrels in floating storage. It is the most expensive kind of storage, so it would make sense that traders and pr

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