Goldman Sachs Sees Oil Hit $65 In 2021

Goldman Sachs expects Brent crude to reach $65 a barrel next year following the release of an effective Covid-19 vaccine and a limited increase in supply from OPEC+. However, before this, global demand will drop by 3 million bpd because of the string of national lockdowns in Europe, the investment bank also warned. OPEC+ is still a major factor for prices, Goldman also said, and if it fails to agree to an extension of the current production cuts, this could cost the oil industry a $5 price drop per barrel. OPEC+ begins a two-day meeting today to…