Goldman Sachs has released a report in which it re-valuates its estimate of the oil price from US$57 to $45 dollars a barrel in 2016.
It says the price of oil could drop substantially due to oversupply from countries such as Saudi Arabia and the United States.
Saudi Arabia and the Organisation of the Petroleum Exporting Countries (Opec) nations have controlled the price of oil for more than three decades due to their status as the majority oil and gas producers globally.
But the United States has recently made significant headway due to new technology such as fracking and is now the joint largest producer of oil globally.
