GS on oil, boosts their forecast:
- 2020 Brent to $63 / barrel from $60 prior forecast
- WTI to $58.50
The Goldman price projection updates come after OPEC+ agreed to bigger output cuts than expected. Also looking for global oil supply/demand balances to be 0.3m b/d tighter than previously expected
- GS warn of potential for lesser compliance by Iraq, Nigeria and Russia
GS maintains 2020 U.S. shale production growth forecast at 600kb/d, citing:
- poor financial performance
- excess leverage
- focus on emissions
- cost of capital higher
