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Goldman Sachs: Despite OPEC+ Deal, Oil Prices will Continue to Fall
13.04.2020 11:06
Goldman Sachs: Despite OPEC+ Deal, Oil Prices will Continue to Fall

The new OPEC+ agreement will not lead to a recovery in oil prices, Goldman Sachs analysts said. In the near future, oil quotes will continue to fall, as the reduced production volumes are significantly inferior to the real drop in world demand for hydrocarbons, Reuters writes with reference to the forecast of the American bank.

      Under the agreement, OPEC+ countries intend to reduce oil production in May and June by 9.7 million barrels per day. According to Goldman Sachs analysts, compared with the first quarter of this year, the reduction will be only 4.3 million barrels per day. Even if the G20 countries agree to a decrease in production, this will not be enough to restore market prices, since the real drop in oil demand due to coronavirus in April-May will be about 19 million barrels per day, the bank said. Based on this, Goldman Sachs expects that in the coming months, oil quotes will not only not return to growth, but also seriously decline: one barrel of Brent oil will cost around $ 20.

      However, already in the third quarter, when the coronavirus pandemic should be left behind, a sharp surge in energy demand is expected in the world in connection with the restoration of production. Then oil prices will begin to rise, and by 2021, according to Goldman Sachs analysts, they can reach $ 52.5 per barrel.


Author: Anna Dorozhkina

Tags: Russian oil Russian economy Russia International   

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