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Global Oil Prices Slide on Goldman Sachs Report

© East News / AP Photo/Richard DrewGoldman Sachs
Goldman Sachs - Sputnik International
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Global oil prices continue their slide as Goldman Sachs lowers its short-term price outlook.

The authorities of Saudi Arabia and Venezuela have agreed to cooperate on restoring the plummeting oil prices, Venezuelan Finance Minister Rodolfo Marco Torres said Sunday. - Sputnik International
Saudi Arabia, Venezuela Agree to Collaborate to Restore Oil Prices:Minister
MOSCOW, January 12 (Sputnik) — Brent crude was down 2.81% to $48.74 a barrel and even 3% earlier on to $48.64 with February futures on WTI light sweet dropping 2.52% to $47.17 a barrel.

Goldman Sachs expects WTI trading at $40 to balance out the market. The six- and twelve-month forecast for WTI has been slashed to $39 and $65 a barrel from the initially projected $75 and $80.

The forecast for Brent for the coming six months is also down, to just $43 a barrel, and to $70 in the next twelve, and analysts warn the prices will hardly go up in the foreseeable future. They also forecast a first-half jump in available crude reserves. 

Over the past six weeks OPEC countries have repeatedly promised not to cut down their oil production. During their latest meeting in November 2014 they agreed to keep the current daily output at 30 million barrels.

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