Goldman Sachs continues to be bullish on oil despite the most recent market turbulence that saw prices plummet after reports that Saudi Arabia and Russia are discussing lifting the pact’s production by as much as 1 million bpd to address supply concerns. The U.S. investment bank reiterated its forecast for Brent Crude at $82.50 in the third quarter this year, due to expectations that global demand growth will stay high even with Brent at $80, and that infrastructure constraints would delay record U.S. crude oil volumes to access the market. “The current level of the market deficit, the robustness of the demand backdrop, and the rising levels of disruptions all set the stage for inventories to fall further,” Goldman Sachs analysts wrote in their recent report, as carried by Bloomberg. At the beginning of this month, Goldman Sachs forecast that increased geopolitical tensions in the Middle East, plunging Venezuelan […]