11/29/2022, 5:00 PM (Source: TeleTrader)
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Goldman Sachs: OPEC+ oil production cut expected

Global head of commodities at Goldman Sachs, Jeff Currie, said on Tuesday that it is likely the Organization of the Petroleum Exporting Countries (OPEC) and its allies, will try to balance the market by further lowering the production of oil.

Speaking to CNBC at Goldman Sachs' Carbonomics conference in London, Currie said there was "a lot of uncertainty" ahead, including new COVID-19 lockdowns in China indicating a reduction in the need for oil, fears of a global recession, and the oil cap imposed by Russia. Still, Currie added that oil prices could reach $110-a-barrel next year and that the medium-term outlook was "very positive."

In October OPEC+ agreed to cut oil output by 2 million barrels per day (bpd) from November. the cartel is scheduled to hold its next meeting on December 4 to decide on future measures.

Baha Breaking News (BBN) / KB