Economic Analysis Update
Goldman Sachs has indicated that the OPEC+ alliance, which comprises the Organization of Petroleum Exporting Countries and non-OPEC producers led by Russia, is set to delay its planned oil production increases from April to July.
The firm further suggested that although there may be moves towards a peace agreement between Ukraine and Russia, the sanctions imposed on Russia are unlikely to enhance the flow of Russian oil to global markets.
Recent reports highlighted that OPEC+ is contemplating postponing a series of monthly supply increases initially slated for April, despite appeals from U.S. President Donald Trump to lower oil prices.
According to industry sources, the global oil market remains in a fragile state, rendering it imprudent to increase production at this time.
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