More OPEC+ supply needed… Goldman via Reuters

Here is a story from Reuters on what Goldman is saying about oil…

“The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29.

“While a large new infection wave could slow the market rebalancing, we expect OPEC+ to remain tactical in its output hikes with downside risks to global supply elsewhere pointing to a more robust outlook for crude and the upstream sector than petroleum products and the downstream sector,” Goldman said.”

And this:

“The bank sees a base case of 0.5 mbpd supply increase from OPEC+ producers for consecutive months, when the group meets on July 1 to discuss the threat of the Delta COVID variant, the potential return of Iran production and still slow shale response.”