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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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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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2016 Global Oil Industry Outlook

The global energy industry faces a transformational year in 2016 as it seeks a new equilibrium between supply and demand. Michele Della Vigna, Goldman Sachs’ co-head of European Equity Research, expects companies to scale back expensive projects, wring out costs and boost efficiency across the supply chain amid a “lower for longer” price environment.

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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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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.

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

2016 Global Oil Industry Outlook

"The position that we are likely to be in by the end of 2016 is a more balanced physical market, but a supply chain that is still highly deflationary and the full equilibrium price over time will keep shifting lower."
– Michele Della Vigna
 

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.
 

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"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