Oil- Goldman Sachs see Brent retesting $80 late this year rather than summer

From a Goldman Sachs piece on oil, the investment bank's expectations and reasoning (in brief):

Still expects Brent Crude price to retest $80/bbl

• "US oil policies may leave this occurring late this year rather than this summer as we previously expected"

GS cite:

Supply shifts create risk of an oil market move into surplus by August

• continuing surge in Saudi production
• Libya and Iran supply shifts also

Then see a fall in Iran exports bringing market back to a deficit in November

More:

• Brent prices skewed to downside in the near term
• On demand GS says it remains robust