Goldman: OPEC oil deal could raise $ 10
Date: 29/09/2016 10:08
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Goldman Sachs predicted that the agreement reached by the crude producers of OPEC on Wednesday to cut production will add seven to ten dollars for oil prices in the first half of next year.
The Organization of the Petroleum Exporting Countries on Wednesday agreed to modest cuts to oil production in the first arrangement of its kind since 2008 after Saudi Arabia eased largest members of the organization position of rival Iran amid mounting pressure from low oil prices.
Goldman analysts said in a note on Wednesday, "the strict application of today's agreement in 2017 would mean a decline in production between 480 and 980 thousand barrels per day."
The analysts added, "In the long term we are still skeptical of the proposed application of the quota if adopted."
But the bank reiterated, however, its forecast for the price of oil by the end of this year and in 2017 due to the uncertainty that surrounds the proposal to OPEC.
Goldman maintained its expectation for the end of 2016 to US West Texas Intermediate crude at $ 43 a barrel and predicted for 2017 at $ 53.
It scored WTI about $ 47 after more than five percent up on Wednesday by OPEC cut production Almzma.anthy 25