Saudi Arabia is wrong to think that U.S. shale production won’t respond to higher oil prices in 2017, according to Goldman Sachs Group Inc. While crude may rise to over $60 a barrel if OPEC members and other nations cut production as promised, a rebound in U.S. shale output would bring prices back to $55, the bank’s forecast for the first half of next year, it said in a report. Saudi Energy Minister Khalid al-Falih said on Saturday he didn’t expect a big supply response from American shale producers in 2017. With nations including Russia joining an OPEC pledge to reduce output, and Saudi Arabia surprising the market by saying it will cut more than previously agreed, analysts say oil may climb to $60 a barrel for the first time in almost a year and a half. But the planned reductions […]