Goldman Sachs on its oil outlook:

  • Says OPEC likely to extend cuts in June on higher inventories
  • no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June
  • GS says its model now estimates only a 37% chance of a production increase decision in June
  • GS still expect Brent to remain in a $75-90 range in most scenarios
  • and still forecast Brent to average $82/bbl in 2025
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