New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows.
It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview.
That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year.
Saudi Arabia has an incentive to keep oil prices high in order to balance their budget.
“Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.
Persons:
Goldman Sachs, Daan Struyven, Biden, ”, Jennifer Granholm, Saudi Arabia’s, “, ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s
Organizations:
New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, ”, Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department
Locations:
Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC