Goldman Sachs says the global-oil market will remain in a supply surplus until the fourth quarter of 2016 and hence the forecast that oil could hit a new low of $20 a barrel.
OPEC isn’t even trying to help stem the flow of oil or the drop in prices.
In recent years, the shale boom and increased production from the U.S. has greatly reduced OPEC’s ability to dominate world oil markets. OPEC must also deal with the fact that more oil will be coming to the global market, which will further exacerbate the glut of supplies because of Indonesian and Iranian oil.
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