Goldman Sachs says the OPEC+ meeting outcome is bearish for oil ...Middle East

The summary of the Sunday OPEC+ meeting is that:the cartel agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 (were due to expire at the end of 2024)agreed to prolong the cuts of 2.2 million bpd by three months until the end of September 2024 (were due to expire at the end of June 2024) OPEC+ will gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.On the face of it OPEC+ have laid out a clear plan to taper voluntary cuts (OPEC+ have inserted a caveat, which is, in a nutshell, 'subject to market conditions'). This should result in a tighter 2024 H2 / 2025 H1 than what was expected. On the demand side, its increa

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Goldman Sachs says the OPEC+ meeting outcome is bearish for oil ...Middle East

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