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
8 minutes ago
- Argaam
Saudi banks' Q2 results ‘historical'; higher loans weigh on liquidity: Analysts
The combined profits of Saudi banks rose by nearly 19% in H1 2025 to SAR 45.25 billion, compared to SAR 38.18 billion in the same period last year. The second-quarter profits alone grew by 18% to SAR 23 billion, from SAR 19.5 billion in Q2 2024, driven by profit growth across all banks, according to data from Argaam. Speaking to Argaam, several industry experts said that the banks' quarterly clearly benefit from the surge in lending activity, despite growing funding challenges stemming from slower deposit growth. This dynamic has pushed banks to tap more debt instruments to meet their financing needs, while asset quality remained resilient. Saad Al-Thaqfan, economist and a board member of the Saudi Economic Association (SEA) Saad Al-Thaqfan, economist and a board member of the Saudi Economic Association (SEA), described the performance as historical and above expectations, noting that banks benefited from a nearly 16% increase in loan demand. He told Argaam that asset quality remained steady, with credit provisions rising only slightly by around 5%, despite aggressive lending. Meanwhile, Joseph Dahrieh, Chief Market Strategist at Tickmill, said the banking sector demonstrated mixed performance in Q2 2025. He highlighted that loan portfolios continued to grow at a robust pace for major banks such as Riyad Bank (up 21.8%) and Al Rajhi Bank (up 19.3%), while other banks faced challenges on the deposit level, including Banque Saudi Fransi (BSF), which saw deposits falling by 6.9%.
Argaam
8 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
9 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.
