Goldman Says Doha Oil-Freeze Talks Won't Hold Bullish Surprises
- Freeze deal will not speed up market rebalancing, bank says
- OPEC supply could rise by 500,000 b/d even after freeze pact
Oil Retreats Following Largest Jump in Two Months
This article is for subscribers only.
A meeting of oil producers in Doha this month to discuss freezing crude production will do little to boost prices, and may even cause them to fall, according to Goldman Sachs Group Inc.
The plan involving most nations in the Organization of Petroleum Exporting Countries and some non-members such as Russia won’t accelerate the reduction in the oversupply on global crude markets, the bank said in a report. If countries fail to reach a firm agreement when they meet on April 17, it could deliver a “bearish catalyst” for prices, it said.