TOKYO (Bloomberg) -- OPEC’s desire to clear the global oil inventory overhang may come sooner than expected, enabling the group to exit from its production cuts early, according to Goldman Sachs Group Inc.
Global stockpiles will remain below seasonal levels and continue to shrink through the second quarter of next year, said the bank. The market will have re-balanced by mid-2018, fast-forwarding OPEC’s exit from production cuts to the second half of the year, according to Goldman. It kept its forecast for Brent crude at $62/bbl.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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