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"The New Oil Order" - Making Sense of an Industry's Transformation

 

Overview

The “New Oil Order” created by the U.S. shale revolution is reshaping global energy markets and bringing with it a new era of volatility.

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The Economics Behind the OPEC Cut

OPEC's first production cut in eight years reflects a changed environment for oil producers since the group’s decision two years ago to forego attempts to push prices higher. Goldman Sachs Research’s Jeff Currie explains.

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Crude Awakening: Adapting to the New Oil Order

The ripple effects of US shale oil are driving fundamental changes in energy projects around the world, according to Goldman Sachs Research. Michele Della Vigna, co-head of European Equity Research, explains how producers from Angola to Argentina are adapting to a lower cost curve.

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Has the Rebalancing of the Oil Market Finally Begun?

For almost two years, global oil prices have slumped beneath the dual forces of increasing supply – in no small part due to low-cost producers in the United States – and weakening demand for commodities across the board. Jeff Currie, global head of Commodities Research, explains why he believes the oil market is moving back into supply-demand equilibrium and which markets hold the key for oil's long-term outlook.

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Lower for Longer?: The Impact of 'The New Oil Order'

The price of oil has dropped to levels not seen since 2009. Four members of the Global Investment Research Division at Goldman Sachs – global head of Commodities Research Jeff Currie, co-head of European Equity Research Michele Della Vigna, chief economist Jan Hatzius and senior strategist Allison Nathan – explore this downturn and the impact of "The New Oil Order" for consumers, countries and companies.

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Episode 3: Oil - Lower for Even Longer

On this episode of Exchanges at Goldman Sachs, Jeff Currie explains why prolonged oversupply and steady production out of the US and OPEC will continue to hold down oil prices, and the feedback loop driving down commodity prices around the world.

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VIDEO: 'The New Oil Order'

Jeff Currie, global head of Commodities Research at Goldman Sachs, discusses how "The New Oil Order" is reshaping how markets and the oil and gas industry balance supply and demand.

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Iran’s Potential Impact on the Global Energy Markets

Iran’s nuclear agreement with the international community could bring the country’s substantial oil reserves back into the global marketplace. Jeff Currie, global head of Commodities Research at Goldman Sachs, explains the steps necessary for Iran to return to historic output levels and how its opening could impact the energy landscape.

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Overview

The “New Oil Order” created by the U.S. shale revolution is reshaping global energy markets and bringing with it a new era of volatility. Across our macro and industry research, we examine the search for a new equilibrium in prices and how the changed landscape is impacting markets, economies, industries and companies worldwide.

Crude Awakening: Adapting to The New Oil Order

“Some of these projects have become so uneconomic, so stranded, that we almost don’t see any scenario under which they would be developed.” - Michele Della Vigna 

Has the Rebalancing of the Oil Market Finally Begun?

“When we think about the New Oil Order, the key theme is this idea of low-cost producers now beginning to grow production.” – Jeff Currie

Lower for Longer?: The Impact of "The New Oil Order"

“The decline in oil prices is, on balance, we think a positive for global economic activity. The oil consumers are generally getting a boost.” – Jan Hatzius

Podcast: "The New Oil Order"

Jeff Currie, global head of Commodities Research at Goldman Sachs, discusses the surge in US oil production, the changing role of OPEC and how lower oil prices are impacting the global economy.
 

Listen to more episodes of Exchanges at Goldman Sachs

"The New Oil Order" and The Commodity Cycle

After a decade-long “investment phase” that helped unleash the shale revolution, oil is seeking a new equilibrium between supply and demand. Jeff Currie, head of Commodities Research for Global Investment Research at Goldman Sachs, describes how the market has entered an “exploitation phase” that puts downward pressure on prices. (Slides and quotes excerpted from Feb. 2015 presentation)  

"The New Oil Order"

The shale revolution in the United States has dramatically altered the global energy landscape. Jeff Currie, global head of Commodities Research at Goldman Sachs, discusses how “The New Oil Order” is reshaping the way markets and the oil and gas industry balance supply and demand.

Iran’s Potential Impact on the Global Energy Markets

"There is a substantial potential here for increase [in production]… but it’s going to take time”
- Jeff Currie