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According to today’s oil price report on July 19, Goldman Sachs said in a report that OPEC’s agreement reached on Sunday was slightly optimistic that Goldman Sachs predicted that Brent crude oil would rise to US$80 per barrel this summer.
The organization agreed to increase production by 400,000 barrels per day per month starting in August
.
Last week, Goldman Sachs reiterated its forecast of Brent crude oil price of $80, despite reports that Saudi Arabia and the United Arab Emirates (UAE) have reached an oil production agreement that will extend the OPEC agreement until the end of next year
.
On Sunday, OPEC agreed to extend the agreement from April 2020 to the end of December 2022, and an increase of 400,000 barrels per day (bpd) per month from August 2021.
In view of the improvement in global oil demand, the organization will be phased out The 5.
8 million barrels/day clause that is currently prohibited from listing
.
The organization also provided the UAE as well as Saudi Arabia, Russia, Kuwait and Iraq with higher baseline production levels as of May 2022
.
Goldman Sachs said in a statement issued by Reuters: "The agreement has two different focuses: one is to increase production moderately, which will keep the market in deficit in the next few months; and the other is in the next few years, given that In the case of insufficient investment, production capacity will need to be increased
.
”
The bank said that OPEC’s agreement was “up” by US$2 from Goldman Sachs’s price of US$80 per barrel this summer, and 5 US dollars per barrel from Brent crude oil forecast next year.
US dollars
.
The organization agreed to increase production by 400,000 barrels per day per month starting in August
.
Last week, Goldman Sachs reiterated its forecast of Brent crude oil price of $80, despite reports that Saudi Arabia and the United Arab Emirates (UAE) have reached an oil production agreement that will extend the OPEC agreement until the end of next year
.
On Sunday, OPEC agreed to extend the agreement from April 2020 to the end of December 2022, and an increase of 400,000 barrels per day (bpd) per month from August 2021.
In view of the improvement in global oil demand, the organization will be phased out The 5.
8 million barrels/day clause that is currently prohibited from listing
.
The organization also provided the UAE as well as Saudi Arabia, Russia, Kuwait and Iraq with higher baseline production levels as of May 2022
.
Goldman Sachs said in a statement issued by Reuters: "The agreement has two different focuses: one is to increase production moderately, which will keep the market in deficit in the next few months; and the other is in the next few years, given that In the case of insufficient investment, production capacity will need to be increased
.
”
The bank said that OPEC’s agreement was “up” by US$2 from Goldman Sachs’s price of US$80 per barrel this summer, and 5 US dollars per barrel from Brent crude oil forecast next year.
US dollars
.
