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According to foreign media reports, according to Goldman Sachs Group analysts, the oil outlook remains bullish
.
Analysts at Goldman Sachs, including Damian Kuvalin, said in a note that plans by Saudi Arabia and Russia to resume production after more than a year of cuts aimed at eliminating the global glut mark a development in tight supply, not pessimistic
.
Goldman Sachs believes that even if these countries increase oil production by 1 million barrels per day, it will only offset the involuntary production decline
.
Goldman Sachs has been an oil-bullish bank
since early last year.
Goldman Sachs said growing demand and production cuts by OPEC and its allies would help recover crude from its worst collapse in a generation
.
Now, while crude oil prices have retreated after hitting levels seen in 2014, Goldman Sachs remains optimistic that the current drop in oil prices is temporary
.
"Current levels of market deficiencies, the strength of the demand backdrop, and rising levels of supply disruptions all set the stage
for further inventory declines," Goldman Sachs analysts wrote in a May 25 note.
”
Goldman Sachs Group believes that the Organization of the Petroleum Exporting Countries (OPEC) proposal to increase production will call for additional production in 2019, which will further reduce the already limited spare capacity
next year.
Brent crude, the benchmark for more than half of the world's oil, fell 1.
5 percent in Monday's trading to $
75.
30 a barrel.
Earlier in May, Brent crude futures rose above
$80 a barrel for the first time since November 2014.
On May 22, the price of West Texas Intermediate crude futures fell 1.
8% to $66.
67 a barrel on the New York Mercantile Exchange, after climbing as high as $
72.
83 a barrel during the session.
According to foreign media reports, according to Goldman Sachs Group analysts, the oil outlook remains bullish
.
Analysts at Goldman Sachs, including Damian Kuvalin, said in a note that plans by Saudi Arabia and Russia to resume production after more than a year of cuts aimed at eliminating the global glut mark a development in tight supply, not pessimistic
.
Goldman Sachs believes that even if these countries increase oil production by 1 million barrels per day, it will only offset the involuntary production decline
.
Goldman Sachs has been an oil-bullish bank
since early last year.
Goldman Sachs said growing demand and production cuts by OPEC and its allies would help recover crude from its worst collapse in a generation
.
Now, while crude oil prices have retreated after hitting levels seen in 2014, Goldman Sachs remains optimistic that the current drop in oil prices is temporary
.
"Current levels of market deficiencies, the strength of the demand backdrop, and rising levels of supply disruptions all set the stage
for further inventory declines," Goldman Sachs analysts wrote in a May 25 note.
”
Goldman Sachs Group believes that the Organization of the Petroleum Exporting Countries (OPEC) proposal to increase production will call for additional production in 2019, which will further reduce the already limited spare capacity
next year.
Brent crude, the benchmark for more than half of the world's oil, fell 1.
5 percent in Monday's trading to $
75.
30 a barrel.
Earlier in May, Brent crude futures rose above
$80 a barrel for the first time since November 2014.
On May 22, the price of West Texas Intermediate crude futures fell 1.
8% to $66.
67 a barrel on the New York Mercantile Exchange, after climbing as high as $
72.
83 a barrel during the session.
