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OPEC Cuts To Weigh On Inventories, Push Prices Up To Low 90s $/bbl: Currie

OIL

“We will see substantial physical inventory draws because of these OPEC production cuts, particularly during the third quarter but also in the fourth quarter. That is going to push oil prices into the low 90s $/bbl”, Jeff Currie, Global Head of Commodities Research at Goldman Sachs, said.

  • Following the OPEC+ meeting on 4 June, Goldman Sachs said in a note that the meeting was moderately bullish and offset some bearish downside risk to its $95/bbl December forecast.
  • The bank also said Saudi Arabia’s decision to cut production by 1mbpd in July will support Brent prices by $1-6/bbl, depending on the duration of the cut.
Energy BulletsCommodities
Energy BulletsCommodities

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