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Goldman: America's purchases of strategic reserves may not prevent crude from falling below $ 30
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Economy News _ Baghdad
Goldman Sachs said that the US move to fill national oil reserves may not be enough to stop the price drop from the bank's expectations for Brent at $ 30 a barrel in the second and third quarters in light of the size of the current global supply characteristics.
In the first such move by a US president since after the September 11, 2001, attacks, US President Donald Trump said his country would take advantage of low oil prices and fill the Strategic Petroleum Reserve to help producers who have been affected by the price cuts half since January.
The bank said in a note dated March 15 that the highest rate of pumping into the strategic reserve by about 500 thousand barrels per day is less than the current global surplus of six million barrels per day.
Goldman added that adding 0.8 percent of global inventory capacity “is simply too small if we can see that low-cost producers have embarked on a right process to restore the lost market share.”
An official at the Ministry of Energy said that the Strategic Petroleum Reserve has the capacity to store up to 77 million barrels of oil, without giving details of the speed of oil purchase. The strategic reserve currently includes 635 million barrels.
"These purchases will help compensate for the decline in US exports, which will take place with the escalation of major OPEC members and Russia to compete between the reduced crude supplies transported by sea," the bank added.
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