Goldman Sachs predicts significant OPEC+ supply increase for June; oil prices drop 8%.

From Yahoo Finance: 2025-05-02 16:21:00

Goldman Sachs predicts OPEC+ will announce a 410,000-barrel-per-day supply increase for June due to Kazakhstan’s modest compliance, low OECD inventories, and Saudi Arabia’s resilience to lower oil prices. The meeting has been moved to Saturday, with the expected increase three times the December agreement. Oil prices dropped 8% this week, with Brent crude settling at $61.29 and WTI at $58.29. Goldman maintains its oil price forecast for 2025 and 2026, but warns a global slowdown or OPEC+ cut reversal could push Brent prices into the $40s by 2026.



Read more at Yahoo Finance: Goldman Sachs sees 410,000-bpd hike in OPEC+ June supply