The middle eastern crude oil giant Saudi Arabia is inspected to increase its crude oil production over the coming months to ten million barrels per day, forecasts recently Goldman Sachs.
According to Farouk Soussa, Middle East, and North Africa (MENA) economist at Goldman Sachs,
“We see risks to the oil sector as being significantly skewed to the upside.”
In June, Brent crude broke the $74 a barrel barrier, it is forecast by Goldman Sachs that in the coming months it will break $80 a barrel. Crude oil prices are increasing, due to the impact of the global recovery is having on crude oil demand.
It is reported that during May, Saudi Arabia’s output was just below 8.5 million barrels per day. During April, it had already increased its production by 3 to 45,000 barrels per day, as part of an OPEC plus deal to increase production. It is forecast that by the end of July the country’s crude oil output is expected to increase to 9.5 million barrels per day.
Goldman Sachs expects that next year the country’s output will reach some 10.5 million barrels per day during 2021. As a result of the increasing output by Saudi Arabia, Goldman Sachs expects the country’s economic growth rate to reach some 4.5% during 2021.