The surge in U.S. oil production has been getting all the headlines, but a new report predicts that another big — and related — shift in the global crude market is looming.
Reuters reports on a new research note authored by Goldman Sachs chief commodity analyst Jeffrey Currie, who says that a “new oil order” looms.
According to their account, Currie sizes up the effect of the country’s shale boom that will keep U.S. prices down and U.S. demand growing faster than China’s and India’s for the first time in a decade.
“As oil demand leadership transitions to developed markets from emerging markets, this not only represents a significant fundamental shift, but combined with significant developed market-led production, this turns the previous commodity cycle upside down,” he writes.
Click here for much more on the analysis.