Doha oil meet may not deliver 'bullish surprise'
NEW YORK, April 11, 2016
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 million barrels per day (mbpd), the bank added.
Goldman maintains that oil market balancing will required 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 US inventories and drilling, while outages and hopes that exporters could freeze output also supported prices. --Reuters
