Goldman Sachs: Low oil prices needed to slow US supply growth
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Goldman Sachs stated in a research note that oil prices need to stay low in the upcoming months to achieve a sufficient and sustainable slowdown in US oil production. The bank said that despite lower rig counts, oil production in the Americas is still too strong to permit substantial gains in crude prices.
According to Goldman Sachs, US crude oil inventories will peak in April and then decline to around 350,000 barrels per day (bpd) in the May-September period. However, they expect inventories to climb again by October after the summer peak season for fuel demand.
Meanwhile, US oil stockpiles reportedly reached their highest level since 1930 at around 471.4 million barrels in line with increasing domestic production.
According to Goldman Sachs, US crude oil inventories will peak in April and then decline to around 350,000 barrels per day (bpd) in the May-September period. However, they expect inventories to climb again by October after the summer peak season for fuel demand.
Meanwhile, US oil stockpiles reportedly reached their highest level since 1930 at around 471.4 million barrels in line with increasing domestic production.
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