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“We believe that the OPEC and Russia oil price war unequivocally began this weekend <...> The forecast for the oil market is even more deplorable than in November 2014, when a similar price war began, since we are talking about a significant drop in oil demand because of the coronavirus,” the bank’s report reads.
According to Goldman Sachs analysts, if the price of Brent crude oil drops to $ 20 per barrel, it will completely change the forecasts for commodity markets.
On March 6, OPEC + countries failed to agree on an additional reduction in oil production. Until the end of the month, an agreement on a reduction of 1.7 million barrels per day is in effect. According to the head of the Ministry of Energy of Russia Alexander Novak, from April 1, the countries have no obligations to reduce oil extraction volumes.
source: bloomberg.com
According to Goldman Sachs analysts, if the price of Brent crude oil drops to $ 20 per barrel, it will completely change the forecasts for commodity markets.
On March 6, OPEC + countries failed to agree on an additional reduction in oil production. Until the end of the month, an agreement on a reduction of 1.7 million barrels per day is in effect. According to the head of the Ministry of Energy of Russia Alexander Novak, from April 1, the countries have no obligations to reduce oil extraction volumes.
source: bloomberg.com
