Goldman Sachs analysts issued yet another update to their oil price forecast, reiterating expectations of weaker prices this year and next, on the back of substantial growth in non-OPEC supply—excluding U.S. shale. In a note, the analysts said “oil production growth from non-OPEC ex Russia ex shale top projects will likely accelerate to 1MB/d over the next two years”, adding that natural gas liquids production was also set for a rise over the period, thanks to the launch of new projects in Saudi Arabia and Qatar.
The exclusion…Goldman Sachs Doubles Down on Bearish Oil Outlook Despite Rising Demand
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