OPEC+ deal 'historic yet insufficient', oil prices to fall: Goldman Sachs

OPEC+ had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June to stem a slump in prices

After OPEC+ in a record oil deal agreed to slash global output by 9.7 million bpd, Goldman Sachs said that oil prices would continue to fall in the coming weeks. The company said that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, said they had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June to stem a slump in prices.

The bank saw downside risks to