Oil price could drop to as low as $20 a barrel, Goldman says

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There is a glut of oil, apparently. And prices are going to drop ? unless production is cut. But with the US pumping out oil and Iran keen to regain market share after sanctions are removed, oil could fall to as low as $20 a barrel, according to the investment bank. “We now believe the market requires non-OPEC production to shift from our prior expectation of modest growth to large declines in 2016,” Goldman said. “The uncertainty on how and ...