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