Oil prices declined by more than 6 percent in the last few trading days, following reports that OPEC and Russia could boost production in the second half of 2018. However, the outlook is still bullish, at least according to Goldman Sachs.
As of now, it appears that Saudi Arabia and Russia are in discussions about how much oil to add back onto the market, with the upper bound rumored to be between 800,000 bpd and 1 million barrels per day (mb/d), or a more modest 300,000 bpd at the lower end. Late last week, WTI and Brent plunged on the news that the group could alter production levels in a few weeks.
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