Goldman Sachs is standing by its own base oil price scenario of $50 a barrel, anticipating a stable future for the commodity, with price fluctuations in the range of 10-20 percent and no tumultuous ups and downs. The expected stability will come on the back of technology that is pulling down exploration and production prices, the investment bank said, and whose potential for price disruption is now much smaller than it was when it was first introduced, sending prices sky-high. The industry has gotten used to its reliance on technology, apparently, and the prospects of a second shale revolution or an equally radical development elsewhere are equally slim. In a research note, the bank radiated serenity, saying that “We believe we are going back to an environment similar to pre-2003, a period characterized by stable long-term oil prices and low oil-dollar correlation.” According to the head of its commodity […]