Among OPEC countries, Iraqi production is seen increasing by 200,000 bpd and Libya's output stabilizing at about 700,000 bpd, compared with recent production of about 900,000 bpd.
Iranian production and exports are unlikely to see further growth because Goldman analysts do not expect a resolution to the country's nuclear dispute with the West by the Nov. 24 deadline, meaning sanctions on Tehran will not be lifted.
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On the demand side, growth has only averaged 630,000 barrels per day year-on-year so far, less than half Goldman's initial forecast for 2014, the report said.
Global economic growth is forecast by Goldman analysts to increase to 3.5 percent next year but there is a "risk that the historical relationship between global GDP growth and oil demand has weakened," the report said.
In the United States, rising shale production is having ever more far reaching consequences for global energy flows and eroding OPEC's pricing power, Goldman said.
"U.S. shale is the marginal swing barrel in the new order," Goldman said, adding that a slowdown in production will happen when WTI falls to $75 per barrel.
"U.S. shale oil production has continued to surprise to the upside with U.S. domestic oil prices incentivizing strong investment," the report said.
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Once prices fall and U.S. production slows, Goldman expects cutbacks among OPEC producers including Saudi Arabia, which has been content to let prices fall in the hope of forcing U.S. shale producers out of the market.
"Any near-term OPEC production cut will be modest until there is sufficient evidence of a slow-down in U.S. shale oil production growth," the report said.