The investment bank added in its note issued on Tuesday that it is likely to be extended Saudi Arabia Production cuts Oil Due to the recent decline in prices, it is now believed that oil production cuts will continue until April 2025 instead of January.
And I stay Goldman Sachs On his expectations for the average price of Brent crude for the year 2025 at $76 per barrel.
Two sources said OPEC+ To Reuters, the group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is discussing another postponement of the increase in oil production, which was scheduled to begin in January.
At the group’s most recent meeting on November 3, she agreed OPEC+ To postpone the production increase that was scheduled for December for a month.
The bank stated that “any increase in OPEC+ production will be gradual and will depend on the data.”
Goldman Sachs added that the high level of commitment to OPEC+ production cuts indicates that the group’s member states are working together to stabilize oil prices.
He said that production Iraq Kazakhstan and Russia fell by 0.5 million barrels per day in November.
Executives at global commodity trading giants Vitol, Trafigura and Gunfor said at the Energy Intelligence Forum in London that OPEC member states are unlikely to back down from voluntary production cuts in the near term.
But despite OPEC+ production cuts and delayed production increases, crude futures remained Brent Mostly in a range between $70 and $80 this year, it was trading at less than $74 yesterday, Tuesday.
Last week, Goldman Sachs revised its forecast for Brent prices to $80 per barrel on average this year, despite the supply deficit and geopolitical uncertainty during 2024, indicating an expected surplus in 2025.
