Goldman Sachs analysts: OPEC likely to extend cuts in June
Goldman Sachs analysts said Thursday they no longer expect OPEC+ to partially reverse recent voluntary production cuts in June.supply will remain steady at 9 million barrels per day in July, compared to their earlier estimate of 9.2 million barrels per day.First, recent inventory data has exceeded expectations, leading the model to estimate only a 37% likelihood of a production increase in June.
Lastly, elevated interest rates have heightened the importance of these short-term profits to fund Saudi Arabia's ambitious investment plans, analysts noted. “Following a recent UAE announcement about increased capacity, we have nudged up our May 2024 estimate of global spare capacity to 6.5mb/d ,” analysts added.
The firm’s analysts also maintain that Brent crude is likely to stay within a $75 to $90 range in most scenarios.
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