Thursday 13 June 2024

Goldman Sachs ... Opec exceeding its quota

Opec oil output to exceed unchanged production target: Goldman

NEW YORK, June 7, 2015

Goldman Sachs said that though the Organization of the Petroleum Exporting Countries (Opec) decided in Vienna to maintain its production target of 30 million barrels per day, the group's output would continue to exceed this quota.
"In fact, we forecast that Saudi and other low-cost producers will continue to increase output as this is the next logical step to maximising revenues in the face of shale oil's scalability," the bank said in a note.
The global oil market would remain oversupplied in 2016 on increased production from Opec, Iraq and Russia, the bank said.

Tags: Opec | Goldman | Output |

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