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IPFS News Link • Oil

Oil Soars Above $69 After Goldman Hikes Price Target To $80

• Zero Hedge - Tyler Durden

Even as the rest of the market continues to submerge with the now traditional rug-pull at the open which sent Nasdaq tumbling after a modestly green open as Kathy Wood is apparently hell bent on liquidating all of her most liquid "growth" names to triple and quadruple down in her biggest losers, oil is surging on the back of yesterday's latest OPEC+ surprise which has set the stage for a $100 barrel of oil as well as a Goldman oil price target upgrade.

For those who missed the discussion (available to pro subs), late on Thursday Goldman's Damien Courvalin wrote that "OPEC+  surprised once again by deciding to keep its production quotas unchanged for April, against our and consensus expectations for a  1.5mb/d hike (with only another small increase for Russia and Kazakhstan). In particular, Saudi Arabia will extend its unilateral 1 mb/d cut for one more month,guiding for an only gradual ramp-up afterwards."

He adds that his key takeaway from the press conference is that "the discipline of shale producers is likely behind this slower increase in production" and this is consistent with Goldman's own view that shale, Iran and non-OPEC supplies are likely to remain highly inelastic to prices until 2H21, allowing OPEC+ to quickly rebalance the oil market.