Goldman Sachs Sees OPEC+ Meeting As "Moderately Bullish" As Saudi Move Could Offset Some Downside Risks

Investment bank Goldman Sachs sees the OPEC+ meeting as "moderately bullish" as the Saudi move does offset some downside risks. The bank expects Brent to hit $95 a barrel in December.

At the 35th OPEC+ ministerial meeting held in Vienna, the major oil-producing countries negotiated to extend the previously reached production reduction agreement to 2024, and adjusted the total crude oil production target in 2024 to an average of 40.46 million barrels per day.

ANZ reiterated its target for Brent oil to rise to $100 a barrel by the end of the year, "Investors may increase their bullish bets, they have no worries. Because no matter what obstacles the market encounters, Saudi Arabia and OPEC will provide support. It now looks like the oil market will be tighter in the second half of the year."