Goldman Sachs Predicts OPEC+ Unlikely to Raise Production in June Meeting

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In a recent development, Goldman Sachs revised its expectations regarding the upcoming OPEC+ meeting in June, stating that they no longer anticipate an announcement for a partial unwind of voluntary production cuts.

The bank cited a surprise increase in inventories as the primary reason for this shift in outlook. As a result, Goldman’s model now assigns only a 37% probability to a decision for increased production at the June meeting.

Despite the lack of a final decision from OPEC+, Goldman Sachs anticipates that Saudi crude supply will remain steady at 9 million barrels per day (mb/d) in July, compared to their previous estimate of 9.2 mb/d.

While maintaining their forecast for Brent crude futures to hover between $75 to $90 per barrel in various scenarios, Goldman Sachs predicts an average of $82 per barrel for 2025.

The price of Brent crude settled below $84 per barrel on Wednesday. Russian Deputy Prime Minister Alexander Novak also indicated on Tuesday that there have been no discussions regarding an increase in oil output by OPEC+.