NEW YORK: US investment bank Goldman Sachs said a recent call by the United States to Opec+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant.
US President Joe Biden’s administration urged the Organization of Petroleum Exporting Countries and its allies (Opec+), to boost output to tackle rising gasoline prices that they see as a threat to the global economic recovery.
“We don’t see the recent White House statement as threatening the current market deficit nor the pace of the rebalancing in 2H21,” Goldman Sachs said in a note dated Thursday, maintaining their year-end Brent forecast at $80 per barrel. — Reuters
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