Goldman Sachs on oil - looking for demand to improve over the northern summer months

Goldman Sachs on the OPEC+ decision to raise output

• is indicative of the cartel & friends expecting summer demand will improve sufficiently
• GS base case is a full recovery will not occur until the summer of next year, 2022 - implying an agreement likely early-2022 (GS expect now that supply concerns will shift to the potential return of Iran to the nuclear deal)