Goldman still expects Brent crude futures to remain in a range of $75 to $90 a barrel in most scenarios and forecasts they will average $82 in 2025, it said in a note.
SEATTLE (Oil Monster): Goldman Sachs on Wednesday said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June.
The bank said inventories have recently surprised to the upside, and as a result, their model now estimates only a 37% chance of a production increase decision in June.
'While our interpretation of OPEC+ communication is that no final decision has been made, we now expect Saudi crude supply to remain flat at 9 mb/d (million barrels per day) in July (vs. 9.2 previously)' the Wall Street bank added.
Goldman still expects Brent crude futures to remain in a range of $75 to $90 a barrel in most scenarios and forecasts they will average $82 in 2025, it said in a note.
Brent settled below $84 a barrel on Wednesday.
Russian Deputy Prime Minister Alexander Novak said on Tuesday that there had been no discussions about an oil output increase by OPEC+.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 61.97 | +0.54 | |
Alabama Light Sour | 68.86 | +0.61 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 73.86 | +0.61 | |
Alabama/ Florida Panhandle | 73.32 | +0.90 |
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