- Oil prices surged to a seven-year high after OPEC+ opted to stick with its plan to increase output by 400 MBbl/d
- Many analysts were expecting OPEC and its allies to raise supply by more amid a tight oil market
- OPEC+ is in the driver's seat with oil prices as the group has over 4 MMBbl/d on the sidelines
- Investment bank Goldman Sachs sees an extra 650 MBbl/d of crude demand later this year as utilities deal with high natural gas prices and switch to oil-fired power plants (Bloomberg)
- In an interview with Bloomberg TV, Goldman’s head of energy research Damian Courvalin said his bank estimates Brent crude futures will rise to $90/Bbl by the end of the year
- This winter, AEGIS notes that now multiple Wall Street banks and oil analysts see upside price-skew for oil prices.