On March 25th, Goldman Sachs predicts that over the next 12 months, when Brent crude oil prices rise above $70 per barrel and decrease by $10 per barrel, non OPEC+countries’ production growth will decrease by 300000 barrels per day. When the Brent crude oil price is between $50-70 per barrel, this reaction will increase to 650000 barrels per day. With the increasing risk of recession and idle production capacity, our (cloth oil) price forecast still faces downside risks in the medium term.
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