Goldman Sachs is looking for higher oil prices as OPEC+ (OPEC and allies like Russia) cut supply and demand rise
- Brent crude to $67.50 / bbl next quarter
Goldman says investors are worried too much
- extent of the fall in global growth expectations is unwarranted
- oil production losses in 2019 are already larger than predicted … "Core-OPEC producers are adopting a shock and awe strategy, and exceeding their cut commitment"
- risks that Venezuela's production decline accelerates
- US producers guidance is toward restrained shale production growth
Further out Goldman remains "cautious" on the price outlook for H2 2019
