Wall Street bank forecasts US oil output growth at 1.3 million bpd in 2019, 2020

Goldman Sachs said growth in US shale production is likely to outpace that of global demand at least through 2020 and limit gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries.

The Wall Street bank forecast US oil output growth at 1.3 million barrels per day (bpd) and 1.2 million bpd in 2019 and 2020 respectively, compared with its global demand growth expectations of 0.8 million bpd and 1.6 million bpd respectively for the same periods.

It kept its 2020 price outlook of about $60 (Dh220) per barrel for Brent and $55.50 for WTI unchanged.

Brent crude futures were up 8 cents at $64.31, while US West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel

The price of OPEC basket of fourteen crudes stood at $63.55 a barrel on Friday, 5 July 2019 compared with $63.43 the previous day, according to OPEC Secretariat calculations.


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