On Tuesday, WTI oil was adjusted to the level of $67.15 per barrel after a strong drop the day before amid news around the OPEC+ deal.
On Sunday, the alliance decided to extend the deal until the end of 2022, as well as to increase production by 400,000 barrels per day every month from August 2021. At the same time, analysts believe that an increase in oil production will not lead to an oversupply. The increase in production will help to somewhat ease the supply deficit for the rest of the year, but may not be enough to compensate for the entire shortage of reserves predicted by the International Energy Agency.
The investment bank Goldman Sachs expects that the spread of a new strain of coronavirus may reduce the demand for oil on world markets by a million barrels per day. Now it is expected that in the third quarter of this year, Brent crude oil prices will average $75 per barrel, and in the fourth quarter - about $80 per barrel. Goldman Sachs forecasts an oil deficit in the third quarter at the level of 1.5 million barrels per day, which will mainly affect the markets of the Organization for Economic Cooperation and Development.
The forecast assumes a decline in the price of WTI oil to the support levels of 67, 66.7 and 66.5 dollars per barrel.