Doha oil meet may not deliver ‘bullish surprise’ – Goldman Sachs

*The Goldman Sachs.

*Goldman Sachs.

11 April 2016, London — The Doha oil producers meet on April 17 is not expected to deliver a bullish surprise, Goldman Sachs said in a report on Monday.

The meet will include members from both Organization of the Petroleum Exporting Countries, OPEC, and non-OPEC producers.

A production freeze at recent levels will not hasten oil market rebalancing, as Russian and OPEC production levels in 2016 have remained at its average annual forecast of 40.5 mb/d, the bank added.

Goldman maintains that oil market balancing will require continued low prices, and gives a 2016 second-quarter price forecast of $35 per barrel.

Oil prices rose on Monday, extending a sharp rally seen at the end of last week after a drop in U.S. inventories and drilling while outages and hopes that exporters could freeze output also supported prices.
*Harshith Aranya in Bengaluru; Editing by Sunil Nair – Reuters

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