Doha oil meet may not deliver 'bullish surprise': Goldman Sachs

[DOHA] The Doha oil producers meet on April 17 is not expected to deliver a bullish surprise, Goldman Sachs said in a report on Monday.

The meet will include members from both Organization of the Petroleum Exporting Countries (Opec) and non-Opec producers.

A production freeze at recent levels will not hasten oil market rebalancing, as Russian and Opec production levels in 2016 have remained at its average annual forecast of 40.5 mb/d, the bank added.

Goldman maintains that oil market balancing will required continued low prices, and gives a 2016 second-quarter price forecast of US$35 per barrel.

Oil prices rose on Monday, extending a sharp rally seen at the end of last week after a drop in US inventories and drilling, while outages and hopes that exporters could freeze output also supported prices.

REUTERS