OPEC might increase the approved quota for extraction – Goldman Sachs

​OPEC has decided to save the current quotas for extraction, however, its actual volume might exceed the approved level, analysts of the investment bank Goldman Sachs say.

“In fact we expect Saudi Arabia and other low-cost oil producers to keep increasing their extraction as this is a logical step to make the maximum profit before the epoch of shale oil”, the analysts say.

The world oil market will stay oversaturated and in 2016 due to the extraction growth in OPEC countries and non-OPEC countries (for example Russia).

The Minister of Oil of Saudi Arabia, Ali al-Naimi, said that his country - the largest oil producer in the world in 2014 – is satisfied with the decision of OPEC to save quotas. Russia became the largest oil producer having extracted 45.288 mln tons in May.