How might an increase in oil prices due to OPEC cuts affect production in the US and Canada?
Oil Holds Near 15-Month High on Output Pledge
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The video discusses the growing consensus within OPEC to cut oil supply, with Vladimir Putin expressing willingness to join a cooperative agreement. Despite optimism for oil prices to reach $60 per barrel, skepticism remains due to factors like increased production from exempt OPEC countries and potential U.S. production increases. Goldman Sachs highlights these concerns, suggesting that any price increase might be temporary, with prices potentially lower by the end of 2017.
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What is Goldman Sachs' outlook on oil prices by the end of 2017?
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