Goldman Sachs on oil: US needs to cut, not OPEC
Michele Della Vigna, head of European energy research at Goldman Sachs, said non-OPEC oil producers had created the oversupply in the market which has weighed on prices.
"I think the market has realized that where we need to find the adjustment is onshore U.S. and that's where the market is focused," he told CNBC Thursday.
Where we head from here really depends on U.S. producers, who show little signs of cutting back.
