The US bank Goldman Sachs yesterday cut its forecasts for oil arguing that need fuel prices stay low for a long time to reduce the production and end a global oversupply. The prognosis hit hard in the minds of investors and further depressed oil prices, which fell to US $ 48 in the variant that takes ANCAP reference.
Goldman Sachs analysts led by Jeffrey Currie said the collapse of oil prices in the last six months which led to the benchmark Brent North Sea dropped nearly 60%, less than US $ 50 per barrel eventually equilibrate the market. However, they felt that prices will fall more in the short term, possibly around US $ 30 per barrel, before the market sees a rebound.
Lower
Goldman Sachs is one of the most influential US banks in commodity markets. The bank said yesterday cut its forecasts for Brent in 2015 to US $ 50.4 from US $ 83.75 per barrel and US crude, or WTI, to US $ 47.15 from US $ 73, 75 a barrel.
Yesterday Brent oil prices resumed their falls and the close of European trade, the benchmark of ANCAP operated at less than US $ 48 per barrel, due to the impact of the report by Goldman Sachs and that Gulf producers showed no signs that will decrease pumping.
Both Brent and the US are now trading at its lowest level since April 2009 and have fallen for seven consecutive weeks due to a growing oversupply. The Brent contract for February delivery lost yesterday US $ 2.56 to US $ 47.55.
Unsuccessful
The diplomatic efforts of Venezuela and Iran to decrease oil production OPEC has failed to group members in the Persian Gulf disposed of its rejection of such action, told delegates yesterday. The sharp drop in oil prices is affecting impaired Venezuelan economy and Iran, which faces sanctions over its nuclear program.
The Venezuelan President Nicolas Maduro, met Sunday in Riyadh with the crown prince Saudi Arabia, Salman, before visiting Qatar and Algeria to discuss the crisis in oil prices. Iran’s supreme leader, Ayatollah Ali Khamenei said on Saturday Maduro to support a decision of coordinated between Tehran and Caracas to reverse the rapid decline in oil prices that began in June 2014.
“There is an effort to Venezuela to decrease production, this is what I argued in Vienna and so are pushing now. But I see no sign of a cut in the production of the Gulf states, “said an OPEC delegate in the Gulf.
” The only solution is for the market to absorb this surplus and the magnitude of that will be evaluated by the OPEC ministers during their meeting in June “agregó.Otro delegate said that” it takes a while to see the effect on prices “. Saudi Oil Minister Ali al-Naimi has said he convinced his peers that OPEC is not beneficial for the group to reduce oil production, no matter how prices fall. (Reuters)
Maduro continue seeking support
From Qatar, Maduro said he will continue to seek support among oil-producing countries, part or OPEC, to get a spike in oil prices.
“We are building a new consensus for a new oil market situation for market stability and prices,” he told reporters following him on his tour.
OPEC will meet in June. Sources close have said until now no evidence that the group will hold a meeting before that date.
Saudi Arabia refuses to support a cut in oil output unilaterally and any decision on a reduction must be collective and include all OPEC members, sources said.
But Libya, Iraq and Iran may seek an exemption on production cuts as they face war or sanctions, an argument that some other producers reject
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