Goldman Sachs Group Inc. (GS) 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. Libya’s production will remain capped at 650,000 barrels a day this year as a result of political disputes, the bank predicted. “The conflicts in the country’s east appear more permanent in nature given the diversity of involved parties, which makes a near-term resolution seem increasingly unlikely,” analysts led by Jeffrey Currie in New York said in a note to clients on Oct. 28. “We believe that […]