Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude. In the same report, Goldman also revised down its WTI forecast for December from $89 per barrel to $81. Overall, the oil cartel made no changes to its planned oil production cuts for the rest of the year. "Significant supply beats from Iran and Russia have driven speculative positioning to near record-lows," Goldman analysts led by the bank's Global Head of Commodities Research Jeffrey Currie said in the research report. Russia's oil production has remained resilient even in the face of Western sanctions, with Deputy Energy Minister Pavel Sorokin in April ascertaining that Moscow's oil production will remain stable until 2025, according to the Neftegazovaya Vertikal magazine.

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Persons: Goldman Sachs, Goldman, Commodities Research Jeffrey Currie, Pavel Sorokin Organizations: Commodities Research, Deputy Energy Locations: Saudi Arabia, Iran, Russia