Brent crude oil prices exceeded $ 69 a barrel

Brent crude oil prices exceeded $ 69 a barrel


   Today, 18:15

On Friday, oil prices continued to record gains after the decision of the "OPEC +" group to keep production cuts unchanged until the end of next April.

By 17:50 Moscow time, US crude futures were up 3.46% ($ 2.21) to $ 66.04 a barrel.
Brent crude futures rose 3.61% ($ 2.41) to $ 69.15 a barrel, according to Bloomberg data.

On Thursday, the countries of the "OPEC +" group agreed to keep production unchanged until the end of next April, and said that the recovery in demand from the Corona virus pandemic is still fragile.




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Goldman expects Brent prices to reach $ 75 a barrel in the second quarter of 2021
Arab and international

Economy News _ Baghdad

Goldman Sachs Commodities Research raised its forecast for the price of Brent crude for the second and third quarters by $ 5 a barrel, after OPEC and its allies kept their agreement to cut supplies unchanged and said that "the discipline of shale oil producers" is likely behind the group's increased production at a slower pace.

The bank said in a note dated Thursday that it now expects Brent prices to reach $ 75 a barrel in the second quarter and $ 80 a barrel in the third quarter of 2021.

Shale oil producers in the United States have reacted quickly to oil price gains in recent years, winning market share as Saudi Arabia and other major producers cut production, but have been reluctant to boost production since demand was destroyed by the pandemic last year.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Thursday to extend most of the crude production cuts until April, after they decided that the recovery of demand from the Corona virus pandemic is still fragile.

"The OPEC supply strategy works because of its unpredictability and surprise," Goldman said.

"We believe that it is currently clear that OPEC + is in fact pursuing a tight oil market strategy, while our updated supply-demand balance indicates that (stocks) OECD countries are falling to their lowest levels since 2014 by the end of this year.

The bank lowered its forecast for OPEC + production of 0.9 million barrels per day over the next six months, and said supplies from shale oil, Iran and outside OPEC will likely remain severely inflexible towards prices until the second half of 2021, allowing OPEC + to quickly rebalance the oil market.

The bank said the main issue would be "a potential backlash of shale supplies, but the latest earnings season indicates that investors are still far from compensating for growth."



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