Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. “We forecast a larger rebound in oil demand this summer than OPEC and the IEA, requiring an additional 2 mb/d increase in OPEC+ production from July to October,” Goldman Sachs said, as quoted by CN Wire . The investment bank expects excess oil inventories to normalize by the fall of 2021. Last week’s OPEC+ agreement to ease the cuts “comes a month sooner than we had expected,” Goldman Sachs says, noting that the increases for June and July are smaller than its analysts had anticipated. OPEC+ decided on Thursday to gradually increase collective oil production by over 1 million bpd […]