On Sunday, April 2, a meeting of OPEC+ countries was held, at which an unexpected decision was made to reduce oil production by about 1.65 million barrels per day. These measures have increased fears of a global recession in the context of inflation and tightening of monetary policy of central banks. The US called the decision to reduce production thoughtless given the current market conditions. The administration of US President Joe Biden noted that the authorities will cooperate with manufacturers and consumers in order to control gasoline prices within the country. Goldman Sachs Group analysts note that the new conditions correspond to the OPEC+ strategy to act ahead of the curve – in this case, the market shares of the alliance members do not significantly decrease. Goldman Sachs also raised the price forecast for Brent for December 2023 from $90 to $95, for December 2024 – from $95 to $100. The bank's experts call the recovery of the Chinese economy and the stability of profitability indicators in oil refining the main factors supporting the oil market. Analysts also note that OPEC countries traditionally do not fully comply with agreements to reduce production. Therefore, the real reduction in OPEC+ countries may amount to about 700 thousand b/d.
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