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Output cuts between Russia and OPEC unlikely: Goldman Sachs

by ChemOrbis Editorial Team -
  • 02/02/2016 (18:08)
According to media reports, Goldman Sachs stated that a deal between OPEC producers and Russia to limit oil production is highly unlikely as OPEC members are likely to be hesitant to collaborate with each other amidst Iran’s higher oil output and its rift with Saudi Arabia.

The bank also added that coordinated production cuts between OPEC and Russia would be an ineffective move as a rise in crude oil prices on the back of production cuts would bring about a restart in shale oil production in North America.

Goldman Sachs also reported that oil prices will have to hover between $20/bbl and $40/bbl so that supply will diminish and the market will regain balance.
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