While the 2019 fuel forecast calls for temperate prices at the pump, Goldman Sachs claims we could be in for a brief surge this spring. Global oil production is expected to take a sizable hit next month. Saudi Arabia, along with the rest of OPEC, has been limiting production to prop up prices. Meanwhile, Venezuela is having trouble across the board. The nation’s ongoing political crisis has resulted in a steady decline in oil production since 2013, and U.S. sanctions effectively made doing business with Venezuela’s state-owned oil company, PDVSA, an impossibility overnight. Considering the United States could undermine OPEC members by simply increasing shale drilling, another energy crisis is out of the question. However, that takes time, leaving a window where oil prices could shoot up by as much as 13 percent. Fortunately, Bloomberg reports that the window should be relatively small. “The oil market will likely continue to tighten significantly this March and April,” Goldman Sachs analyst Jeffrey Currie explained. “While prices could easily trade in a $70-$75 a barrel trading range, we believe such an environment would likely prove fleeting.” Currently, Brent Crude is sitting at about $65.85 per barrel, while U.S.-sourced oil is around $56.30 a drum. From Bloomberg:… Read full this story
- Motley Fool: Goldman Sachs' future, how to evaluate a company and this week's trivia
- The U.S. Shale Oil Boom Is About To Get A Major Upgrade
- Oil tumbles after Trump tells OPEC to 'relax'
- Oil falls more than 3 percent as Trump blames OPEC for 'too high' prices
- Levi Strauss IPO, Pricing Forecasts Upgraded Amid Heavy Demand
- Slope production forecast coming up short
- IMF's Lagarde says oil exporters have not fully recovered from oil shock, cautions against 'white elephant projects'
- U.S. expects record domestic oil production in 2019, 2020
- Economists warn about reliance on oil and gas
- Oil set for biggest quarterly rise since 2009 amid OPEC cuts, sanctions
Short-term Shock: Goldman Sachs Forecasts an Oil Price Spike have 306 words, post on www.thetruthaboutcars.com at February 25, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.