Goldman Sachs Raises Oil Price Forecast Following OPEC Deal
- Date: 19-Jul-2021
- Source: Yahoo News
- Sector:Oil & Gas
- Country:Middle East
Goldman Sachs Raises Oil Price Forecast Following OPEC Deal
The agreement which OPEC+ reached on Sunday is modestly bullish for Goldman Sachs’s forecast that Brent will hit $80 per barrel this summer, the investment bank said in a note after the group agreed to start adding 400,000 bpd production each month from August.
For months, Goldman Sachs has been calling for $80 a barrel oil this summer, expecting strong demand recovery, despite expectations that Iranian oil could return legitimately to the market at some point, and despite the two-week-long stalemate within OPEC+ about how the group would proceed with oil supply management.