While demand for crude oil held up over the past year, the growth in oil supply has been surprisingly robust. The result has been softer oil prices, and that phenomena may continue in 2024, says Sarah Kiernan, head of Americas Commodities Sales in Global Banking & Markets at Goldman Sachs. “Most of the focus, if you go back a year ago, was: soft landing or no soft landing? What would demand look like?” Kiernan says. “Demand actually delivered, but the supply really outpaced it.” She points out that US producers aren’t reinvesting capital like they used to, but they’re still looking to grow. Oil output cuts by some ... (full story)