OPEC+ is unlikely to respond with increased production to the U.S. calls amid the surging Delta variant, which is set to dampen short-term oil demand, Goldman Sachs says. Earlier this week, the White House called on the OPEC+ group to increase oil production more than they had planned in order …
Read More »Chinese Oil Demand to Crash by 1 Million Bpd on Covid Surge
China’s oil demand is expected to be 1 million barrels per day (bpd) lower in the next two months than previously expected due to the rising number of COVID cases in the world’s top crude importer, Goldman Sachs says. Still, the overall hit to global oil demand will be more …
Read More »Goldman Sachs Sees Large Oil Demand Rebound this Summer
Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. “We …
Read More »Goldman Sachs Predicts Plunge in Gulf Borrowing Needs
If prices for the commodity average $65 a barrel and all else is equal, borrowing needs for the six countries comprising the council would drop 96% from what they’d be if oil traded at $45, an economist writes The Gulf Cooperation Council’s borrowing requirements could drop to $10 billion over …
Read More »Oil Prices to Reach $72 by Summer
Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc. A reopening of the global economy will help demand return to pre-COVID-19 levels, but inventories remaining tight into the summer will cause West …
Read More »Goldman Sachs Says Biden’s First Steps Are Bullish for Oil
Initial steps taken by U.S. President Joe Biden’s administration may help support the oil market this year and next, according to Goldman Sachs Group Inc. A focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine …
Read More »Goldman Sees Surprise Saudi Cut as Signal Oil Demand to Weaken
Saudi Arabia’s decision to cut oil production probably reflects expectations for demand to weaken further as coronavirus lockdowns return around the world, according to Goldman Sachs Group Inc. The kingdom’s pledge to lower output by 1 million barrels a day in February and March was surprising for several reasons, Goldman …
Read More »Goldman Speculates on the Future of OPEC
A week before OPEC is set to decide whether to roll over the current cuts into 2021, reports of renewed tensions within the cartel once again call into question the future of the organization, Goldman Sachs said on Tuesday. “Beyond the outcome of just another quota decision, however, there are …
Read More »Goldman Sachs: Saudi Arabia’s Budget Based on $50 Oil
Saudi Arabia’s Finance Ministry sees oil prices at around $50 a barrel for the next three years, according to Goldman Sachs Group Inc.’s analysis of the kingdom’s pre-budget statement. “Using our own estimates for the breakdown of government revenues, we calculate that the numbers presented in the budget statement are …
Read More »Oil Prices Rise after OPEC Warn Members to Stick to Quotas
Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents …
Read More »