Goldman Sachs sees oil prices heading to $100 a barrel by the third quarter of 2023 amid China reopening

• Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023.
• The bank said China's reopening was likely to add 1.6 million barrels a day in demand to the market.
• Goldman's Nikhil Bhandari said supply was unlikely to keep up after underinvestment in recent years.

Goldman Sachs sees oil prices climbing to $100 a barrel by the third quarter of 2023 as the reopening of China's economy coincides with more OPEC pricing power to squeeze supply. 

In an interview with Bloomberg, Nikhil Bhandari, co-head of APAC natural resources and clean energy research at Goldman Sachs, said a rebound in global demand this year would outpace supply projections, adding a premium to crude oil.