| The bad news keeps piling on for the oil industry and the countries that rely on it. Despite oil prices having already fallen 60 per cent from their highs last year, investment bank Goldman Sachs says they could suffer another major decline as storage space for refined fuel gets closer to full capacity.
Meanwhile, a report from the IMF warns that Middle Eastern oil-exporting countries, particularly Saudi Arabia, could go broke within five years if oil prices stay at current low levels. Storage of refined fuels in the U.S. and Europe is “nearing historically high levels,” Goldman Sachs said in a report issued Monday and obtained by Reuters...............................................Full Article: Source
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