Goldman Sachs slashed its crude price forecasts for 2016 to 2020, citing improved US shale efficiency meeting global oil demand, coupled with unimpeded OPEC productivity. However, the US investment bank raised its view of the average 2015 Brent price to $58 per barrel from its earlier forecast of $52 and lifted its outlook for the average WTI price to $52 per barrel from $48. The bank assumes a $5 per barrel Brent-WTI spread through 2016-2020, consistent with transportation economics.
