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.