One of the world's largest investment banks, Goldman Sachs, predicts a sharp drop in crude oil prices due to falling demand from refiners. This was reported by journalists GOLOS.EU with reference to the publication
It is assumed that the lack of space for oil products in US and European oil storage facilities will have a special impact on lower prices.
It is noted that since June 2014, crude oil prices have fallen by almost 60% due to supplies of products from the Middle East, Russia and North America, which consistently exceed global demand.
As a result, Goldman Sachs does not expect oil markets to return to balance in 2016 or, in other words, to a level where supply and demand levels are relatively identical.
According to bank experts, this situation is reminiscent of the situation in 1998 and 2009, when storage facilities overestimated their capacity, which sharply reduced oil prices, including cheese.