Goldman Sachs have lowered their forecasts for oil (WTI)
– 2Q/2H of 2016 WTI now $45/bbl & $50/bbl
– 1Q17 at $45/bbl … only reaching $60/bbl by 4Q17
GS say the price rally we have had has been due to supply disruption, but there are large volumes soon to come online (Iran, Iraq) which will act to boost oil surplus in 2017 & move price lower. Low cost suppliers will ‘continue to drive production growth’.