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."

More popular news

Manufacturing PMI In Euro Zone And Germany Both Pick Up, But Still In Contraction Territory

China’s Steel Exports Jumped, In Contrast To Falling Exports Of Unwrought Aluminium &Aluminium Semis And Rare Earth

Fitch: Global Trade Is Slowing Sharply And May Grow Only 1.9% This Year

Vale Is Advancing Huge Investment, Betting On Strong Demand For High-Grade Iron Ore

South China Battles Power Crisis, The Worst This Year

Aluminium Ingot Inventories In China Fall To Alarmingly Low Level

RMB Assets Are More Competitive In The Medium And Long Run Amid Cyclical Global Financial Downturn, Director Of China’s State Administration Of Foreign Exchange Says

China Is Confident, Capable and Qualified to Achieve GDP and Other Goals Set at the "Two Sessions" and YoY Growth Rate of CPI Will Recover to Above 1% by December, Governor of China’s Central Bank Says

Oil Price Downturn To Reverse? Saudi Arabia "Declares War" On Bears, Bulls Betting On $100/barrel

Goldman Sachs and Citibank Cuts Iron Ore Price Forecast, with the Former Citing Surplus Steel in China and Slower Recovery of Property Sales

ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Big Headwinds In China, Including Real Estate Downturn