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Goldman Sachs Commodity Research said OPEC and its allies need more oil production to balance the market
by 2022 as supply risks elsewhere loom.
The U.
S
.
bank expects oil demand to increase by another 2.
2 million b/d by the end of the year, creating a supply gap of 5 million b/d, far exceeding the supply from Iran and shale producers, the U.
S.
bank said in the report.
"While a massive wave of new infections may slow the rebalancing of the market, we expect OPEC+ to remain tactical in terms of increasing production and downside risks to global supply elsewhere, suggesting a stronger outlook for crude oil and upstream than for petroleum products and downstream," Goldman said
.
OPEC+ producers will meet on July 1 to discuss the threat of the Delta COVID variant, the potential resumption of production in Iran and the still slow
shale response.
However, OPEC Secretary-General Mohammad Barkindo said on Tuesday that demand is expected to increase by 6 million b/d in 2021, with 5 million b/d increasing in the second half of the year, boosting broad recovery hopes
.
Goldman Sachs Commodity Research said OPEC and its allies need more oil production to balance the market
by 2022 as supply risks elsewhere loom.
The U.
S
.
bank expects oil demand to increase by another 2.
2 million b/d by the end of the year, creating a supply gap of 5 million b/d, far exceeding the supply from Iran and shale producers, the U.
S.
bank said in the report.
"While a massive wave of new infections may slow the rebalancing of the market, we expect OPEC+ to remain tactical in terms of increasing production and downside risks to global supply elsewhere, suggesting a stronger outlook for crude oil and upstream than for petroleum products and downstream," Goldman said
.
OPEC+ producers will meet on July 1 to discuss the threat of the Delta COVID variant, the potential resumption of production in Iran and the still slow
shale response.
However, OPEC Secretary-General Mohammad Barkindo said on Tuesday that demand is expected to increase by 6 million b/d in 2021, with 5 million b/d increasing in the second half of the year, boosting broad recovery hopes
.
