Goldman's commodities research team expects oil supply to increase steadily with one more OPEC+ hike and a strong ex-US shale supply growth.
They also provide three insights about President Trump’s views on oil prices:
(1) Trump is focused on US energy dominance,
(2) he hinted a preference for WTI to be around $40-50/bbl and calls to lower prices whenever WTI goes above $50 and for higher prices whenever WTI goes below $30, and
(3) Trump’s propensity to post about sanctions tends to decrease as prices rise, especially with WTI in the $60-70s.
