Goldman Sachs: OPEC cuts extension not warranted

Analysts at Goldman Sachs said in their note published on Sunday that an OPEC output deal extension is not needed unless the supply and demand fundamentals deteriorate.

Key Quotes via CNBC:

"Our assessment of oil fundamentals and the rationale behind the production cuts do not warrant, in our view, such an extension barring either a sharp deceleration of demand growth or a sharp rebound in Libya/Nigeria production."

"We believe that the rebalancing of the oil market is in fact making progress despite the record high U.S. crude inventories."

"Oil prices above $60 per barrel would prove self-defeating in our view given the flattening of the oil cost curve and the unprecedented velocity of the shale supply response."