Back To The 90s For Oil, Says Goldman Sachs

Back To The 90s For Oil, Says Goldman Sachs

The return of OPEC as a major force in oil and gas production is one of five predictions in the bank's latest edition of its Top Projects report.. In the 17th edition of its annual review of global oil and gas production, Goldman Sachs said the changes underway would lead to "a new equilibrium reminiscent of the 1990s".. Consolidation will follow the pattern seen in 2014 when the oil and gas industry started to become more concentrated "on the back of falling oil prices".. OPEC members, according to the Top Projects report, are poised to make a comeback as the world's dominant oil producers.. "Our Top Projects bottom-up analysis shows that we have entered a structural phase of no non-OPEC growth, driven both by a thinning pipeline of mega project deliveries and a slowing pace of U.S. shale growth," Goldman Sachs said.. "Our updated Top Projects analysis shows that LNG production growth slows materially from more than 40 million tons a year in 2019 to between 10-and-20 million tons in 2020-23," Goldman Sachs said.. I studied geology in the 1960s and worked for a small mining company before getting a start in journalism during the 1969 nickel boom..