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Goldman Sachs Says U.S. Oil Drama Trumps OPEC's Vienna Chaos

Pratish Narayanan
Goldman Sachs Says U.S. Oil Drama Trumps OPEC's Vienna Chaos

The bank says the outage of an oil-sands facility in Canada could lead to a shortage in North America for all of July and shrink stockpiles at the main U.S. storage hub in Cushing, Oklahoma. “With the global market pricing to pull crude out of the U.S., this loss of U.S. supplies will exacerbate the current global deficit, making the increase in OPEC production all the more required,” the analysts wrote in the report.