Even if OPEC and non-OPEC producers deliver the promised cuts and oil spikes to US$60, a recovering U.S. shale production would drag crude prices back to US$55, and the Saudis would be wrong to underestimate an American shale rebound next year, Goldman Sachs said in a report on Sunday. Oil at US$55 is the bank’s forecast for the first half of 2017, Bloomberg reports , citing parts of the report. The first half next year is the period in which OPEC and 11 non-OPEC nations promised to cut supply by almost 1.8 million bpd – 1.2 million bpd from the cartel and another 558,000 bpd from non-OPEC producers, including Russia. Commenting on Saturday’s OPEC-NOPEC deal, Goldman analysts opined that greater than expected compliance or the Saudi pledge to make deeper cuts than they had already signed up for are two upside risks to the bank’s oil price forecast. “We […]