2 June | Oil

Goldman Sachs expects OPEC+ oil production to increase in August

Goldman Sachs expects OPEC+ oil production to increase in August

Goldman Sachs Group Inc. expects OPEC+ to increase oil production volumes for the fourth time in August. These forecasts differ from the bank's previous position when experts anticipated a possible pause in production growth after the recent alliance representatives' meeting.

Company analyst Daan Struyven believes that the expected slowdown in fuel demand will not be rapid and will not affect the increase in energy carrier output.

Earlier on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) decided to boost its production target by 411,000 barrels per day over the next month. According to Goldman's statements, these changes reflect OPEC+'s willingness to normalize its spare capacity and put pressure on US oil producers.

At the moment, the company forecasts the cost of Brent oil to be $60 per barrel by the end of the year and $56 in 2026. In turn, the price of WTI is likely to fall $4 below the global benchmark for the same period.

Company MarketCheese
Expectation: 1250 pips
Selling USDJPY with 146.450 target while anticipating BoJ rate decision
Today at 06:40 AM 30
Period: 17.09.2025 Expectation: 500 pips
Buying SPX on 0.5% Fed rate cut
Yesterday at 11:38 AM 173
Period: 24.09.2025 Expectation: 1500 pips
USDCAD is set to fall ahead of interest rate decisions
Yesterday at 10:57 AM 155
Period: 23.09.2025 Expectation: 500 pips
NVIDIA shares approach gap closure at $170.50
Yesterday at 10:26 AM 137
Period: 31.12.2025 Expectation: 200 pips
Buying NVIDIA shares with $195 in view
Yesterday at 08:54 AM 38
Period: 24.09.2025 Expectation: 1300 pips
EURUSD is expected to correct after Fed announces rate decision
Yesterday at 07:14 AM 159
Go to forecasts