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OPEC+'s Output Decision Driven by Lower Inventories, Strategy Shift -- Market Talk

Dow Jones
Mar 04

0901 GMT - OPEC+'s decision to start raising output in April reflects lower global inventories and a shift in strategy to regain market share, according to Goldman Sachs analysts. Inventories are down year-over-year, suggesting that oil supplies are tighter. Meanwhile, the group may now be focusing on a long-term strategy to limit non-OPEC+ oil production growth. Goldman warns higher-than-expected supply and a potential demand hit due to softer U.S. activity and escalating tariffs pose downside risks to its oil price forecast. The U.S. bank forecasts Brent crude to average $78 and $73 a barrel in 2025 and 2026, respectively, and WTI at an average of around $74-$68 a barrel in the same periods. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

March 04, 2025 04:01 ET (09:01 GMT)

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