Goldman Sachs says OPEC's 'shock and awe' will drive oil higher

A 24-nation alliance known as OPEC+ that formed two years ago has just started another round of output curbs to prevent a supply glut

Goldman Sachs Group Inc is doubling down on its bullish outlook for oil.

The bank still forecasts that global benchmark Brent crude will hit $67.50 a barrel next quarter, driven by healthy demand and supply curbs by OPEC and its allies such as Russia, analysts including Damien Courvalin said in a Feb. 12 report. Goldman’s estimate is around 7 per cent higher than current price levels.

Brent has struggled to sustain gains this month following its best ever start to a year on concern that booming shale output will undermine cuts by OPEC and its partners, and fears that