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Oil: Still Searching for the Equilibrium

10 JUL 2017

Shale’s efficient, low-cost production cycle continues to complicate rebalancing of the global oil market, but Goldman Sachs’ Head of Commodities Research Jeff Currie sees the balance of risks tilted to the upside for the second half of 2017. Among the contributors?Further drawdown of excess inventories and a cyclical upswing in oil demand.   

Ultimately, where the market finds an equilibrium is still uncertain. And driving that uncertainty are the costs and technological innovations that are being generated from the New Oil Order in a shale industry that is continually evolving.

- Jeff Currie

Jeff Currie
Global Head of Commodities Research, Goldman Sachs