Блог им. TRS |Goldman Sachs ridicule comments that oil cuts will amount to 20m bpd

Goldman Sachs reiterate that the output cuts are too little, too late. Not near 20m barrels per day.20m b/d cuts 'significantly overstate' the level of voluntary cuts, this amount includes  overly optimistic assumptions on market driven declines and also on government crude purchases for strategic reserves
  • We reiterate our view that the level of voluntary cuts and government purchases remain too little and too late to balance the market, leading to further downside to inland crude prices like WTI into the May expiration
Further ahead:
  • What the OPEC+ cuts and SPR purchases can't achieve in coming weeks, they should achieve over time
  • reinforcing our view that the ongoing violent market rebalancing is increasingly likely to be followed by a sharp rebound in oil prices once demand starts to recover

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