Amid the more than two-year long global oil supply glut, mostly attributed to U.S. shale oil production, and corresponding drop in oil prices of more than 60%, investment baking firm Goldman Sachs is forecasting that U.S. oil production is resilient after all, and will increase between 600,000 to 700,000 barrels per day (bpd) by the end of next year. If so, the increase would erase all of the oil production the U.S. lost over the past two-and-a-half years.
