Goldman Sachs analysts believe that prices will stay steady and continue to offset OPEC’s production cuts.
Today’s oil price structure gives U.S. shale drillers another rock to fling at the market’s goliath, OPEC, according to Jeff Currie, head of commodities research at Goldman Sachs. U.S. companies that rely on expensive drilling methods have become more efficient, frustrating OPEC’s two-year effort to end a crude glut by pumping at maximum capacity to wash out high-cost producers. Even after OPEC relented and cut its own production to balance the market this year, resurgent American output has helped push global crude stockpiles to historic highs.
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