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G Sachs Expects OPEC+ to Lift Daily Production by 410K Barrels in Aug, Brent Crude to Average USD60 This Yr
2025-06-02 09:16:44 According to a Goldman Sachs report, as OPEC+ decided to significantly increase production by 411,000 barrels per day in July, the broker expected that it would decide at the meeting on July 6 to achieve an increase of 410,000 barrels per day in August due to relatively tight spot oil conditions, better-than-expected global economic activity data, and seasonal summer oil demand. In addition, it is believed that the slowdown in demand is unlikely to be drastic enough to halt the production hike in August. In Goldman Sachs' estimates, OPEC+ would maintain production from September onwards because of the slowdown in global economic growth in 3Q and the addition of new large projects in non-OPEC countries. For the remainder of this year, the broker projected the average price of Brent crude oil would be USD60 per barrel, while New York oil futures would average USD56 per barrel. Next year, their prices would reach USD56 and USD52 per barrel respectively, reflecting supply growth outside of US shale oil, which will lead to an oil surplus of 1 million barrels per day this year and 1.5 million barrels per day next year. ~ AAStocks Financial News Web Site: www.aastocks.com | |