Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,985.7545.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

Goldman Sachs lowers forecast 2020 US shale oil output growth

US crude inventories rose by 9.3 million barrels in the week ended October 11.

Reuters|
Oct 22, 2019, 01.16 PM IST
0Comments
oil
It also forecast supply growth from major oil producing non-OPEC regions, outside of shale, of 1.4 million bpd in 2020, falling sharply to 0.2 million bpd in 2021 and 0.3 million bpd in 2022.

Commodity Summary
MCX

CRUDEOIL
Goldman Sachs wound back its forecast for growth in US shale output in 2020, and slightly reduced its outlook for 2020 global oil demand growth.

The brokerage said it expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019.

The brokerage shaved its 2020 outlook for global oil demand growth to 1.3 million bpd from 1.4 million bpd previously.

It also forecast supply growth from major oil producing non-OPEC regions, outside of shale, of 1.4 million bpd in 2020, falling sharply to 0.2 million bpd in 2021 and 0.3 million bpd in 2022.

US crude inventories rose by 9.3 million barrels in the week ended Oct. 11, compared with expectations for an increase of 2.9 million barrels as refinery output dropped to a two-year low.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, an alliance known as OPEC+, have since January implemented a deal to cut oil output by 1.2 million bpd to support the market.

Also Read

Goldman Sachs settles bond-rigging lawsuit

Viral tweet about Apple Card leads to Goldman Sachs probe

Goldman Sachs cuts target prices on ZEE, Dish TV

Goldman Sachs, Gojek bet on India's Behrouz Biryani

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service