Goldman Sachs Commodities Research raised its forecast for the price of Brent oil in the second and third quarters of 2021 by $ 5 per barrel after OPEC and allies maintained most of the production restrictions in April.
According to RBC, the bank predicts the price of Brent at $ 75 per barrel in the second quarter and $ 80 per barrel in the third quarter of 2021.
OPEC and partners agreed to keep the parameters of the deal to restrict oil production in April practically unchanged, considering the recovery in demand from the consequences of the pandemic to be still quite fragile, despite the recent increase in oil prices. Only Russia and Kazakhstan got the opportunity to slightly increase production.
“OPEC’s supply strategy works because of its surprise and surprise,” Goldman said.
“We believe it is now clear that OPEC + is indeed pursuing a tight market strategy, and our updated supply and demand outlook indicates that OECD stocks will be at their lowest since 2014 by the end of this year.” / p>