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"New Oil Order" on Hold

"The New Oil Order" of low-cost shale transformation is not over yet, as the next wave of supply growth from shale producers is expected to put downward pressure on prices, says Jeff Currie from Goldman Sachs Research.

Jeff Currie from Goldman Sachs Research
Jeff Currie from Goldman Sachs Research

Despite a shift towards a higher-for-now oil price environment in 2018, driven by a faster-than-expected rebalancing of global crude inventories, the era of low-cost shale transformation is set to continue.

Stronger than Expected" Oil Demand

Oil demand has been stronger than expected, driven by the "3 Rs," says Jeff Currie. This includes a reflation in commodity prices, re-leveraging, and a re-convergence of global growth. The surge in demand has contributed to the shift towards a higher-for-now oil price environment.

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