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Nevertheless, Goldman Sachs’ oil-market specialists say that the grows is very likely to revert.
In the report published Wednesday they call the recent tendency on the oil market as “fragile recovery”. Goldman Sachs believes that quite soon the supply will be again greater than the demand.
There are several factors that can support the argument. While production in Canada is finally restarting, which contributes to the supply growth, OPEC countries did not manage to agree on a production ceiling in the meeting earlier this month, which leads to the same result. Moreover, there is a possibility that the production of non-OPEC countries declines less than we expect.
According to the report, the prices will remain the same in the second half of the 2016, but they are likely to start going down at the beginning of 2017.
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