Goldman sees 15 years of weak crude as US$20 US oil looms on glut

Calgary

A GLUT of crude may keep oil prices low for the next 15 years, according to Goldman Sachs Group Inc.

There's less than a 50 per cent chance that prices will drop to US$20 a barrel, most likely when refineries shut in October or March for maintenance, Jeffrey Currie, head of commodities research at the bank, said in an interview in Lake Louise, Alberta. Goldman's long-term forecast for crude is at US$50 a barrel, he said.