The investment bank has predicted a “new supercycle” for energy assets this year
Strengthening global demand and China’s reopening may push oil prices above $100 per barrel this year, Oil Price reported on Tuesday, citing a recent forecast by Goldman Sachs.
The US investment bank expects Brent crude to trade at $105 per barrel by the fourth quarter of 2023 and says oil demand will surge by 2.7 million barrels per day (bpd) this year. However, in the second half of 2023 the market may return to a deficit, economists warned.
The forecast comes as China announced massive oil-import quotas after reopening its borders and giving permission to 44 private refiners to import 111.82 million metric tons of crude, Bloomberg reported, quoting traders familiar with the issue.
Oil prices surged by 4% on Monday on news about Asia’s biggest economy reopening, giving grounds for expectation that strengthening growth in global demand would allow the OPEC+ alliance to unwind its October production cut in the second half of the year......More Below
https://www.rt.com/business/569661-goldman-sachs-oil-price-forecast/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
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The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
