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- OPEC+ supply boost unlikely despite call from U.S. - Goldman
OPEC+ supply boost unlikely despite call from U.S. - Goldman
Reuters reports that Goldman Sachs said a recent call by the U.S. to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant.
"We don't see the recent White House statement as threatening the current market deficit nor the pace of the rebalancing in 2H21," Goldman Sachs said, maintaining their year-end Brent forecast at $80 per barrel.
However, Goldman noted an additional hike in OPEC+ production by the year-end is required to counter recent supply disappointments globally and expects OPEC+ spare capacity to be fully normalized by spring 2022.
Last month, OPEC+ agreed to boost oil supply from August to cool prices that have climbed to 2-1/2 year highs.
The U.S. bank recently lowered its oil demand forecast for China, citing rising concerns over the spread of Delta variant.
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