Copy in clipboard...
OPEC+ production rise expected to start in December
OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said after crude prices hit their lowest in nine months, adding it could further pause or reverse the hikes if needed, Reuters reported.
However, Goldman Sachs maintained its Brent crude range of $70-85 per barrel and a December 2025 Brent forecast at $74 per barrel.
The investment bank expects the effects of a modest reduction in OPEC+ supply in the upcoming months to be counterbalanced by easing effects from the current softness in China’s demand and faster-than-expected recovery of Libya’s supply.
“We still see the risks to our $70-85 range as skewed to the downside given high spare capacity, and downside risks to demand from weakness in China and potential trade tensions,” Goldman Sachs said.