Friday 5 March 2021 2:04 PM
US investment bank Goldman Sachs raised its forecast for Brent crude for the second and third quarters of 2021 by $ 5 a barrel, after OPEC + decided to maintain production cuts.
In a note dated Thursday, the bank said it now expects Brent prices to reach $ 75 a barrel in the second quarter, and $ 80 a barrel in the third quarter of 2021.
Shale oil producers in the United States have reacted quickly to oil price gains in recent years, winning market share, as Saudi Arabia and other major producers cut production.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to extend most of the crude production cuts until next April, after they decided that the recovery of demand from the Corona virus pandemic is still fragile.