Global oil markets will face a shortage...
Vedomosti referred to Goldman Sachs analyst Jeffrey Currie who said in a report in London on Monday that oil prices were set to return to levels seen before the global financial crisis due to increasing demand from emerging economies and a declining supply caused by years of underinvestment in exploration and production.
Goldman Sachs" report looks more optimistic compared with forecasts by other international institutions like the oil cartel OPEC and JP Morgan, which predict smaller demand in the next few years.
"By 2011, the market is back to capacity constraints...The financial crisis created a collapse in company returns which has significantly interrupted the investment phase," Currie said in the report.
Goldman Sachs" report matches the company"s December forecast, which said that declining oil production levels in the world"s largest oilfields would push prices up to $90 per barrel in 2010 and $110 per barrel in 2011.