Goldman Sachs says global oil reserves release 'a drop in the ocean'
From financialpost.com
A coordinated release from government oil reserves led by the United States may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, analysts at Goldman Sachs said. On our pricing model, such a release would be worth less than $2/bbl, significantly less than the $8/bbl sell-off that occurred since late October, the bank said in a note titled A drop in the ocean, dated Nov. 23. Global oil prices rebounded to a one-week high on Tuesday after the move by the United States and other consumer nations to release oil from strategic ...
(full story)