Goldman Sachs No Longer Expects OPEC+ to Raise Oil Production in June

Goldman Sachs stated that they no longer anticipate OPEC+ to announce a partial reversal of voluntary production cuts in June.

The US investment bank attributed this change to unexpected inventory increases, leading to a chance of only 37% of a production hike being determined in June.

Despite indicating that a final decision from OPEC+ remains pending, the Wall Street bank predicted that Saudi Arabian crude supply would hold steady at 9 million barrels per day in July, down from the initial estimate of 9.2 million barrels per day.

Goldman maintained its outlook on Brent crude futures, forecasting them to linger between $75 to $90 per barrel in various scenarios. Additionally, the bank revealed its projection of an average price of $82 per barrel for 2025 in a recent note. However, Brent closed below $84 per barrel on Wednesday.

Russian Deputy Prime Minister Alexander Novak affirmed on Tuesday that there have been no talks regarding an increase in oil production by OPEC+.