Goldman Sachs lifted its crude oil price forecast for 2020 on the grounds that OPEC’s deeper production cuts will help the market avoid oversupply, Bloomberg reports, citing an emailed report from the investment bank. Goldman said it now expected Brent crude to average $63 per barrel in 2020, with West Texas Intermediate seen at $58.50 per barrel. The so-called long-term anchor price for Brent was set at $55 per barrel, with WTI pegged at $50 per barrel. OPEC and Russia agreed last week to deepen the production cuts that helped stabilized prices this year by adding another half a million bpd to the current production quotas. On top of that, Saudi Arabia will continue to exceed its production quota by 400,000 bpd. The question of how the cartel will enforce these cuts given the history of non-compliance among some members, notably Iraq, and non-members (Russia) remains open, however. In […]