SEATTLE (Oil Monster): According to Goldman Sachs, the OPEC+ production cuts are probably going to help Brent crude oil prices rise in the near future. In keeping with the previously announced reductions, a number of OPEC+ nations, notably Russia, Kazakhstan, and Iraq, have reported a drop in oil production.
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Saudi Arabia is anticipated to be forced to prolong its oil output cuts due to the recent drop in oil prices. In contrast to the previously stated January 2025 timeline, these cuts are probably going to continue until at least April of the following year. An output rise scheduled for December was postponed by one month due to the OPEC+ meeting that took place in early November this year. According to sources, this could be postponed for a further three months, until April 2025. Any production increase by OPEC+ nations will only be modest and data-driven, they continued.
The production from Iraq, Kazakhstan, and Russia registered a decline of 0.5 million barrels per day in November.
In the meantime, the leading global investment bank maintained its 2025 price forecast for Brent crude at $76 per barrel.
Executives from prominent commodity trading companies, such as Vitol, Trafigura, and Gunvor, stated at the Energy Intelligence Forum in London that it is doubtful that OPEC+ nations will reverse voluntary output cuts anytime soon.
