NEW YORK: Goldman Sachs said the oil market could see a record surplus of about 6 million barrels per day by April, considering a bigger- than-expected surge in low-cost output, while a slump in demand was “increasingly broad” triggered by the coronavirus outbreak.
“The high-cost producer response at our second quarter 2020 US$30/bbl Brent forecast will not be sufficiently fast to offset the record large inventory builds set to occur in coming months,” the Wall Street bank said in a note dated March 12. While all production limits have been scrapped due to the collapse of the Opec+ deal, prompting Riyadh and the UAE to say they would both ramp up output to record levels, the top producers also promised to expand capacity, suggesting a longer-term strategy to win market share from U.S. companies and other producers.
The accumulation of oil inventories over the next six months could be similar to a build up over 18 months in 2014-16, it said.
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