December 5, 2022

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Goldman Sachs has said again they are bullish on the oil price, but wary of OPEC+

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Goldman Sachs say on oil that Global inventories have continued to fall rapidly 

  • just 330mb above December 2019 levels

And thus:

  • This leaves us reiterating our constructive oil price view given the quickly tightening physical market

However, if OPEC+ boosts output at the meeting this week:

  • ¬†We expect a quota raise of 1 mb/d for August could lead prices to sell off $2-3/bbl

GS table of outcomes and oil price impact:

Goldman Sachs say on oil that Global inventories have continued to fall rapidly 

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