Macroeconomic Insights

The New Oil Order: On Hiatus

The shift from a lower-for-longer to a higher-for-now oil price environment is set to continue in 2018 according to Goldman Sachs Research’s Jeff Currie, driven by a faster-than-expected rebalancing of global crude inventories. But the “New Oil Order” era of low-cost shale transformation isn’t over, he says. The next leg of supply growth from shale producers should once again put downward pressure on prices, bringing them lower longer-term.