Total Gulf oil exports are back at two-thirds of pre-war levels, says Goldman's Daan Struyven
Daan Struyven, Goldman Sachs head of oil research, stated that total oil exports from the Gulf are currently at approximately two-thirds of pre-war levels, amounting to about 16 million barrels per day compared to a pre-war baseline of 23 million barrels per day. He noted that while this is an improvement from March lows, the oil market remains in a deficit, and prices may need to rise further to curb demand if Middle Eastern exports do not recover more substantially. Struyven also highlighted that demand from China is showing signs of picking up from recent lows.
The current export levels and potential for further price increases directly impact global energy costs, inflation, and economic growth, particularly given China's demand recovery.
Goldman Sachs' recent $5 per barrel increase to their oil price target.
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