<p>Goldman Sachs Group stated that it expects the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to increase oil production for the fourth consecutive month in August, changing its earlier view that OPEC+ would pause production increases after the weekend meeting. &#34;The relatively tight spot crude oil fundamentals, stronger-than-expected global economic activity data, and seasonal support for crude oil demand in the summer&#34; are all positive factors, analysts including Daan Struyven pointed out in the report. &#34;The expected slowdown in demand is insufficient to prevent an increase in production when deciding the August production level on July 6.&#34;</p>

<p>Goldman Sachs Group expects OPEC+ to increase production for the fourth consecutive month in August, changing its previous forecast of a production halt. Analysts point out that the tight spot oil market, strong global economic activity, and summer demand support are favorable factors for the increase in production. It is expected that the slowdown in demand will not be sufficient to prevent the decision to increase production</p>

Goldman Sachs changes its oil production forecast for OPEC+, now expecting a fourth production increase in August