Market Extra: Not even OPEC can save the struggling oil market now, Goldman warns

OPEC production freeze or not, the oil market is not going to recover anytime soon as troubled oil-producing nations prepare to ramp up production and pave the way for hundred of thousands of barrels to be released into the already oversupplied market, Goldman Sachs warns.

Libya, Iraq and Nigeria — which all have suffered from severe supply disruptions — last week started to show the first signs of ramping up production, seen as halting oil’s nascent recovery, according to the bank.

Read:Why Libya could be the biggest threat to recovering oil prices

The moves, however, were largely overshadowed by growing expectations the Organization of the Petroleum Exporting Countries will agree on capping output at an informal meeting in Algeria next month, helping crude CLV6, -1.39% last week log its best week in more than five months.

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