Wall St brokers OPEC’s increasingly probable failure to reach a production freeze deal will see international oil prices plummet back to US$40 a barrel, according to Goldman Sachs analysts. In a note to clients, the experts went further, cautioning that even if the cartel managed to seal a deal, driven by the bearish prospects in a no-deal scenario, its effectiveness will be at best uncertain. “The lack of progress on implementing production quotas and the growing discord between OPEC producers suggests a declining probability of reaching a deal on November 30,” the analyst team said, noting that while the negotiations were ongoing, OPEC output in October continued to rise, as did the production of non-OPEC mega producers such as Russia. These developments have greatly diminished the chances of any production freeze leading to a decline in global crude oil supply and a subsequent increase in oil prices over the […]