Goldman Sachs stated that under compliance with the OPEC+ production cut agreement, the crude oil production of Iraq, Kazakhstan, and Russia has decreased slightly, supporting a small increase in Brent crude oil prices in the short term.
The investment bank said in a report on Tuesday that due to the recent drop in oil prices, Saudi Arabia is more likely to extend oil production cuts, and we now believe that the oil production cuts will continue until April 2025, instead of January.
Goldman Sachs maintains its expectation of an average price of $76 per barrel for Brent crude oil in 2025. "Any production increase action by OPEC+ will be gradual and data-driven," Goldman Sachs said.
