The supply and demand shocks have hammered Wall Street’s outlook for oil
. Goldman Sachs Group said consumption is down by 8-million barrels a day and cut its Brent forecast for the second quarter to $20 a barrel. Citi also lowered its bear-case forecast saying Brent could average $17 a barrel or lower in the second quarter, while Mizuho Securities warned prices could go negative as Russia and Saudi Arabia flood the market.
The rout amid ruthless competition between exporters has prompted Iraq to urge Opce and its allies to regroup for negotiations. Before Opec+ talks collapsed earlier in March, Iraq had routinely disregarded the supply cutbacks it had promised. Now the producer has asked the cartel to hold a meeting to consider steps for rebalancing the global oil market, according to a delegate.
“We just don’t know how far Russia and Saudi Arabia are willing to go,” said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. “Until there’s some kind of agreement, it’s hard to figure out where the bottom is.”
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