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Oil prices (CL=F, BZ=F) saw slight gains on Thursday after reports indicated that OPEC+ agreed to pause oil production hikes. Goldman Sachs Managing Director and Head of Oil Research Daan Struyven joins Market Domination to offer insights into the energy market's muted reaction.
Struyven attributes the modest price movement to two factors: First, previous reports had already hinted at OPEC delaying production increases, so "some of the news was already priced in as of today."
Second, the decision only delays "relatively small production increases by two months," resulting in only a moderate "reduction in expected supply."
Despite this development, Struyven maintains his range-bound view for oil prices of $77 to $85 per barrel, with a target of $74 per barrel by December 2025.
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2024/09/05
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