Goldman Sachs expects Brent crude to reach $65 a barrel next year following the release of an effective Covid-19 vaccine and a limited increase in supply from OPEC+. However, before this, global demand will drop by 3 million bpd because of the string of national lockdowns in Europe, the investment bank also warned. OPEC+ is still a major factor for prices, Goldman also said, and if it fails to agree to an extension of the current production cuts, this could cost the oil industry a $5 price drop per barrel. OPEC+ begins a two-day meeting today to discuss its production control measures. While an extension of the current level of cuts—7.7 million bpd—is the most likely outcome, the cartel is facing growing pressure from U.S. shale producers who have already begun raising production. The rig count has been rising for weeks, with Baker Hughes reporting last week drillers added […]