Goldman SachsJeff Currie, global head of commodities research, said in a televised interview that the crude oil market faced significant upside risks in the coming months due to a surge in demand during the peak driving season and limited potential for short-term supply growth.

"the market is really tight between now and International Labour Day," Currie said, reiterating Goldman's average oil price forecast of $80 a barrel in the third quarter.

Supply outside OPEC is inflexible and there is no investment in the US shale oil industry.

Large US listed drilling companies still focus on shareholder returns rather than growth, while unlisted companies are "too small to matter".

Global demand has jumped to 97 million b / d from 95 million b / d a few weeks ago.