| A “large” production cut by OPEC to prop up crude prices isn’t in the group’s interest because it’s likely to bolster an expansion of U.S. shale oil, according to Goldman Sachs Group Inc.
While the slide in prices into a bear market increases the chances of a reduction, trimming output by more than 500,000 barrels a day would mean further cuts are needed starting 2016 as higher prices prompt more U.S. drilling, Goldman said. Some members of the Organization of Petroleum Exporting Countries including Saudi Arabia have resisted calls to decrease supply while others seek action to support crude..........................................Full Article: Source
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