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Goldman Sachs cuts OPEC crude output forecasts for 2013 on Libya

Posted on 30 October 2013

Goldman Sachs Group Inc. said crude production in the Organization of Petroleum Exporting Countries will decline this year by more than the bank previously estimated because of renewed disruptions in Libya.
OPEC’s output will decline by 760,000 barrels per day from last year, according to the bank, which had previously projected an annual loss of 570,000 a day. The supply reduction will keep Brent futures supported at $110 a barrel despite an accumulation in oil inventories amid weaker-than-expected fuel demand, Goldman said…………………………………….Full Article: Source


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