Goldman: Oil Markets Appear Slowly With No Reason

Category: Forex
Add Date: 11.12.2017
Video Description: Goldman Sachs said that the fact that the non-OPEC / OPEC non-OPEC deal extended by the end of 2018, and that the fact that the members have a chance to review progress in June is reducing the risk of sudden supply fluctuations and excessive regression, and investor concern is high.

Goldman Sachs analysts, including Damien Courvalin and Jeffrey Currie, said that "we are seeing that our long-term volatility is very high", says the low rate of sudden sharp movements in supply and inventory declines.

Goldman Sachs was the only one warning two days before an important OPEC meeting that the oil market volatility further increase and the result was uncertain. The bank said in a research study that there was no consensus among participants about the extension of the agreement and that there were signs of acceleration in supply-demand rebalancing, which could reduce motivation to stay connected.

Under the lead of OPEC and Russia, non-OPEC producers have agreed on continuing to restrict production until late 2018 after hints, conflicting interpretations, and speculation from various oil officials who have been on for months. However, the partners also included the following statement:

"Considering supply-side uncertainties, and a degree of demand increase, it is planned in June 2018 that the opportunity for further corrective action will assess on the basis of the current market conditions and the progress made in rebalancing the oil market."

According to Javier Blas and Jack Farchy of Bloomberg, OPEC seems to be only superficial to be successful in extending the deal by the end of 2018. The hard work remains to be done in the next year as they will have to start serious negotiations on an exit strategy for members.

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