OPEC deal cuts risk of surprise supply gain, excess stock draw Bank says backwardation may be greater than current projection Don’t worry about long-term oil supply, according to Goldman Sachs Group Inc. While OPEC and its allies including Russia didn’t finalize details on how they would wind down output curbs that’ll continue until the end of 2018, they pledged to be “agile and responsive” and review their progress on shrinking inventories at a meeting in June, the bank said in a report. That indicates a reduced risk of both unexpected increases in supply as well as excess draws in stockpiles, according to Goldman. “This leads us to reiterate our view that long-dated implied volatility remains too rich,” analysts including Damien Courvalin and Jeffrey Currie wrote in the Nov. 30 report, referring to a measure of investor anxiety. The Organization of Petroleum Exporting Countries and partner nations outside the group […]