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Goldman View OPEC+ Meeting as Bearish for Oil

OIL
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Goldman Sachs said it viewed the latest OPEC+ meeting at bearish despite the cut extension and expects Brent in the $75-90/bbl range due the signalling of the gradual phaseout of voluntary cuts.

  • "A surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations," Goldman Sachs said.
  • Goldman said OPEC's "very bullish demand forecast" was well above its forecast of 1.5 million bpd and it projects moderate downside risk due to softness in diesel demand.
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Goldman Sachs said it viewed the latest OPEC+ meeting at bearish despite the cut extension and expects Brent in the $75-90/bbl range due the signalling of the gradual phaseout of voluntary cuts.

  • "A surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations," Goldman Sachs said.
  • Goldman said OPEC's "very bullish demand forecast" was well above its forecast of 1.5 million bpd and it projects moderate downside risk due to softness in diesel demand.