According to experts of Goldman Sachs, one of the world's largets banks, the rally in the oil market will continue. At the same time, oil prices may soar above $65 per barrel if OPEC supports a reduction in production.
Goldman Sachs believes that the cartel may declare the stabilization of commercial oil reserves as the immediate goal.
Experts anticipate that at the beginning of next year, the price of Brent crude oil may again exceed $70 per barrel amid declining exports and a slowdown in the growth of crude oil inventories. According to analysts, this price level is suitable for the normalization of world reserves but is unacceptable for stimulating drilling activity in the United States.
OPEC and Russia are expected to cut oil production by 1.3 million barrels per day in order to achieve balance in the global oil market. Experts are sure that a decrease in production of 1 million barrels per day could restore oil prices in a short time.
According to experts, if Brent quotes rise from $62 to $63 per barrel, their further growth to $70 per barrel is possible. However, in the case the production volumes increase, the sell-off in the oil market will continue.
Most analysts polled by Bloomberg expect a reduction in oil production. The average estimate of a possible cut is 1.1 million barrels per day. A decision on this issue will be taken at the next meeting of OPEC+ scheduled for December 6-7, 2018.
