The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the surplus Oversupply as there may be no change Movement.flat in the output situation for the near-term with Libyan production likely to remain bullish Grow.strong in 2013 as well .

Assuming no change Movement.flat in production policy , Goldman expects a supply deficit Movement.down.loss to emerge in the fourth quarter of 2020 , which would run down excess inventories through 2021 .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could worsen Situation_deteriorate the glut Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian output likely to remain robust Grow.strong in 2016 as well .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could increase Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian supply likely to remain plentiful Grow.strong in 2016 as well .

A meeting of ministers to review the pact on Wednesday had , however , concluded that no change Movement.flat from the current schedule on output was necessary .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .