Oil price to rise on stronger demand: Goldman Sachs

(Reuters) – Goldman Sachs said oil prices are likely to be higher in the future due to a recovery in demand and a decline in production, and expects European integrated oil companies to struggle to sustain the current level of production.

… It expects the European integrated oils sector to suffer due to lack of major new projects and potentially poor delivery.

Goldman said 2010-13 is likely to see a dramatic acceleration of non-OPEC production decline, with annual production losses of up to 1 million barrels per day.

Reuters