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Goldman Sachs: Oil supply in markets to increase and prices fall to 20 USD a barrel

Bank analysts say, oil market is faced with a large oversupply than expected

Baku. 11 September. REPORT.AZ/ Investment bank Goldman Sachs forecasts growth of oil supply in the world market in 2016 and does not rule out a fall in oil prices to 20 USD a barrel.

Report informs, as a reason for increasing oil production was shown the OPEC countries. Bank analysts say that, oil market is faced with a large excess supply than expected.

According to the bank's forecasts made in May of this year, in 2016 the price of crude oil WTI (Texas oil) will be established at the level of 57 USD a barrel, Brent of 62 USD a barrel.

Today, the bank has lowered the forecast for WTI to 45 USD a barrel, Brent to 49,5 USD a barrel.

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