Goldman Says Oil Could Drop To $43 If OPEC Doesn’t Reach A Deal
If Russia and OPEC aren’t able to strike a deal next month to limit oil production, Goldman Sachs says oil could fall to $43 a barrel.
A team of analysts explained why reaching a deal is unlikely, highlighting opposition from Iraq who wants to increase production, along with poor compliance from other OPEC members, MarketWatch reports. Libya, Nigeria and Iran would be exempt from any deal, making compromise all the more unlikely.
Oil prices fell Tuesday as the International Energy Agency reported OPEC oil production increased by 160,000 barrels a day in September. [MW]