Thanks to a report by The Wall Street Journal, Persian Gulf-based members of the Organization of the Petroleum Exporting Countries (OPEC), after meeting in Doha, Qatar on September 10, now see oil prices remaining between $40 and $50 for the rest of the year, which is much lower than the $70 or so that the group had originally considered being a fair price.

This new forecast is similar to prices issued on September 9 by the U.S. Energy Information Administration, who noted that 2016 Brent Crude prices will rise and average around $58.57 a barrel. This price will most likely be quite the surprise for OPEC members, especially after three straight years of oil prices averaging more than $100 per barrel.

The plummet in price can be traced back 15 months to June 2014, when oil prices peaked at $115.71. Over the course of this time period, oil has dropped 57%; on September 10, prices per barrel sat at $48.89.

On top of this, Goldman Sachs (GS – Analyst Report) has now cut its price forecasts, warning that the market’s excess of crude supplies has the potential to force prices to drop as low as $20 a barrel. This report by the investment firm is a driving factor in oil’s slumping price Friday. Goldman Sachs also cut their 2016 Brent forecast to $49.50 a barrel from the $62 expected previously.

For more information on OPEC, read Zacks’ article Everything You Need to Know About OPEC. – See more at: http://www.zacks.com/stock/news/189791/opec-now-sees-oil-prices-staying-below-50-a-barrel-through-2015?cid=CS-ZC-FT-189791#sthash.DNemvgHh.dpuf