Goldman Sachs lowers forecast 2020 US shale oil output growth

23 October, 2019 12:00 AM printer

NEW YORK: Goldman Sachs wound back its forecast for growth in U.S. shale output in 2020, and slightly reduced its outlook for 2020 global oil demand growth.

The brokerage said it expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019, report agencies.

The brokerage shaved its 2020 outlook for global oil demand growth to 1.3 million bpd from 1.4 million bpd previously.

It also forecast supply growth from major oil producing non-OPEC regions.