Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

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   

Next Previous

You might also find interesting:

Politico Spoke about the Options for Germany's Abandonment of Nord Stream 2
Navalny Expects Trump to Condemn Russia's Use of Novichok
COVID-19 Pandemic Greatly Reduced the Value of the US and Russian Passports
Netherlands Support Sanctions against Russia in Navalny Case
France and Germany will Offer EU Sanctions against Russia over Navalny Incident

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Russian Cinema  Yekaterinburg  World Festival of Youth and Students  train tickets Russia FIFA  Street Art  Vladimir  Moscow  Novozavidovsky  Chita  stowaways  Buryatia  Geoportal  Arkhangelsk  Mercedes-Benz Fashion Week Russia  Modern Art  Cat The Traveler   Vladimir Golitsyn  Crimea  Veniamin Reshetnikov  travel to Russia  Alexander Mayorov  Fashion And Style  physics  St. Matrona of Moscow  Akhtubinsk  Russian business  Russian tourism  Festivals in Moscow  Days of Slavic Writing and Culture  St. Petersburg  Russian political parties  Konstantin Ernst  business  energy  Vladimir Tatlin  Eurovision  Exhibitions in Moscow  Russian roads  Russian exhibitions  Golden Ring  space  FIFA World Cup   Kiritsy  Russian regions  State Award of the Russian Federation  Rotterdam Film Festival  Valery Gergiev  Russian law  2014 World Cup  Book Tickets for Ballet 

Travel Blogs
Top Traveling Sites