Goldman Remains Bullish On Oil Despite OPEC+ Decision

Goldman Sachs commodity analysts remain bullish on oil prices despite yesterday’s decision by OPEC+ to add another 400,000 bpd to combined production next month. The bank’s analysts said they see “very clear upside risks”, per a Bloomberg report, adding it expected an average price of $85 for Brent crude in 2023. The Goldman analysts explained that U.S. shale oil producers would likely continue to stick to their cautious approach to production growth, especially after the latest price drop. At the same time, OPEC has a looming…