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.
Oil prices are over 50 percent lower than they were last year, but according to Goldman Sachs, there could be another 50 percent to fall near US$20 per barrel in 2016.
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agree on any figures because it could not predict how much oil Iran would add to the market next year, as sanctions are withdrawn.
