Goldman Says Tension Between OPEC+ and U.S. Will Boost Oil-Price Volatility
- Global oil markets remain undersupplied, Goldman Sachs says
- Any U.S. oil reserves release may only be temporary help
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Goldman Sachs Group Inc. said global oil markets remain undersupplied and to expect oil-price volatility to rise in coming weeks amid an open disagreement between OPEC+ and the U.S. around crude production.
“Net, our bullish view remains unchanged: the oil deficit remains unresolved, the current strength in oil demand remains a near-term tailwind and the increasingly structural nature of the deficits will require much higher long-dated oil prices,” Goldman analysts including Damien Courvalin wrote in a note on Thursday.