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Goldman Sachs reiterates 'lower for even longer' view on oil

Oil pumps on-stream are seen in Niederlauterbach, Eastern France, May 7, 2014. REUTERS/Vincent Kessler

(Reuters) - Goldman Sachs said on Friday that oil prices will likely remain "lower for even longer," as OPEC members failed to agree on a new production ceiling at the cartel's meeting in Vienna.

The influential Wall Street bank said it forecasts 2016 OPEC crude production slightly above current output at 31.8 million barrels per day.

OPEC's secretary general Abdullah al-Badri said OPEC could not agree on any figures because it could not predict how much oil Iran would add to the market next year, as sanctions are withdrawn.





(Reporting by Kevin Jose in Bengaluru; Editing by Chris Reese)