Goldman revised its global oil demand forecast for the year higher based on a less pessimistic growth outlook
- maintained its 12-month Brent price projection of $93/bbl
- arguing that higher realized inventories offset the demand boost
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GS estimate global oil demand rose to 102.8M bbl/day in July
- an all-time high
- Anticipate solid demand driving a larger than expected 1.8M bbl/day deficit in H2 of this year, and further out a 600K bbl/day deficit in 2024