OPEC+ may raise output by 550,000 bpd in September: Goldman Sachs
This projection follows OPEC+'s decision, released on July 5, to raise production by 548,000 bpd in August, citing resilient global oil demand.
According to Reuters, Goldman Sachs stated that the move to accelerate supply increases reinforces confidence in a transition toward long-term market balance, with an emphasis on restoring spare capacity and market share to typical levels.
The bank added that this strategy supports internal cohesion within the group and reflects continued strategic adjustments to US shale oil supply.
Goldman Sachs projects that crude oil output from the eight OPEC+ members will rise by 1.67 million bpd between March and September, reaching a total of 33.2 million bpd.
The bank maintained its Brent crude price forecast at $59 per barrel for Q4 2025, and $56 per barrel for 2026.
On the demand side, Goldman Sachs forecasts global oil consumption to increase by 600,000 bpd in 2025, and by 1 million bpd in 2026, driven by robust Chinese demand, resilient global economic activity, and a weaker US dollar.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
5 hours ago
- Argaam
Fitch affirms Saudi Arabia's credit rating at 'A+'; outlook Stable
Fitch Ratings affirmed Saudi Arabia's long-term foreign-currency Issuer Default Rating (IDR) at 'A+' with Stable outlook. The rating reflects the Kingdom's strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal buffers in the form of deposits and other public sector assets. In its report, Fitch expected the Kingdom's sovereign net foreign assets (SNFA) to remain a key credit strength at (35.3%) of GDP in 2027, which is larger than relative to 'A' median (3.1% of GDP), supported by prudent fiscal management and stable external positions. The fiscal reforms that increase the budget's resilience to oil price volatility and a continuation of economic reform that supports strong growth of the non-oil economy, could have a positive impact on the rating, Fitch added.
Arab News
6 hours ago
- Arab News
Saudi initiative Sound Futures seeks to bridge music industry gaps
DUBAI: Saudi Arabia's MDLBEAST Foundation is inviting regional entrepreneurs to take part in the 2025 edition of Sound Futures, an initiative designed to bridge the gap between music-related startups and investors. For the latest updates, follow us on Instagram @ The initiative aims to create local jobs, foster entrepreneurship, and accelerate the regional music economy by giving a stage to startups and entrepreneurs in the music and music-tech space to pitch their ideas to an audience of investors and industry experts during the XP Music Futures Conference, which will run from Dec. 4–6 in Riyadh. A post shared by MDLBEAST FOUNDATION (@ 'The music and creative industries in Saudi and the Middle East are evolving rapidly, but support systems for early-stage startups still lag behind at the moment … Sound Futures offers a timely platform for founders to gain access to mentorship, exposure, and possibly investment and funding to help bring their ideas to life or scale their businesses,' MDLBEAST's Bader Assery told Arab News. Applications are open to startups, budding entrepreneurs and even students from across the Middle East and North Africa region, with a focus on discovering the next big thing in music — innovations that could shape the future of music creation worldwide. 'One great example is Maqam Labs,' Assery explained. 'They started with an idea in year one and returned the following year with a working physical synthesizer that brings Middle Eastern scales (Maqamat) into the world of electronic music.' The initiative aims to 'champion early-stage music startups. Whether they're building tools for artists, fan engagement platforms, or music tech products,' with applications set to close by October. According to Assery, key challenges faced by music startups in the region include financial concerns, as well as a lack of access to potential industry partners. 'Access is the biggest hurdle we've seen so far. Access to capital, the right mentors, industry partners, and even data. Founders also talk about the difficulty of validating their ideas in a market that's still building its infrastructure,' he said, referencing issues Sound Futures seeks to address.
Arab News
15 hours ago
- Arab News
KSrelief distributes 670 food baskets in Somalia
MOGADISHU: Saudi aid agency KSrelief recently distributed 670 food baskets to needy families in various regions of Somalia. The initiative, which benefited 4,555 individuals, is part of the 2025 food aid distribution project in the African country, which is part of the Kingdom's humanitarian efforts to help the Somali people achieve food security. KSrelief also recently launched a volunteer project to deliver training courses for administrative staff in Aden, Yemen, with the participation of seven volunteers from various disciplines. Since the launch of the campaign, the team has delivered courses in human resources management, project management, strategic planning and financial reporting, benefiting 137 individuals.
