[OPEC+ production increase agreement “flooded” Goldman Sachs: The oil price war in 2020 is impossible to repeat]As OPEC+ failed to reach an increase in production agreement, on July 5, its meeting plan was cancelled. On that day, the price of Brent crude oil futures exceeded $77 per barrel, the first time since 2018. Jeff Currie, head of commodity research at Goldman Sachs, said that the oil market expects that the OPEC+ agreement will agree to a production cut agreement until April 2022, but it will not be extended. (China Business News)
Because OPEC+ failed to reach an agreement to increase production, on July 5, its meeting plan was cancelled. On that day, the price of Brent crude oil futures exceeded $77 per barrel, the first time since 2018.
Goldman SachsJeff Currie, head of commodity research, said that the oil market expects that the OPEC+ agreement will agree to a production cut agreement until April 2022, but it will not be extended.
The current demand for oil is very large. It is estimated that the daily oil supply gap in the oil market in June reached 2.3 million barrels, the highest level since the outbreak. The current market environment may be the best in decades. It is unlikely that any party will launch a price war and destroy this opportunity. Doing so is not in the interests of all parties. Therefore, the price war of 2020 is extremely unlikely to be repeated at this time.
Goldman SachsIt is expected that by the third quarter of 2021, ShiOil priceThe grid will rise to at least US$80 per barrel or even higher, reaching a price of US$85 to US$90 per barrel.
It is reported that OPEC+ has not yet reached a consensus on the timing of the next meeting, and the oil production increase agreement still faces many uncertainties.
Article source: China Business News
Editor in charge: DF398
Original Title: OPEC+ Production Increase Agreement “Broken Up” Goldman Sachs: The Oil Price War in 2020 is Impossible to Repeat
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