It’s “back to the future” for oil, says Goldman Sachs, as low prices reshape the industry into how it looked in the 1990s, including a dominant position for the Organization of Petroleum Exporting Countries. 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. The oil industry prepares to fire up the DeLorean for a trip back to the 90s. (Photo by Michael … [+] Other forecasts are for a significant decline in overall oil resources, an increased drive for capital efficiency, accelerating consolidation, and “the end of growth” outside the OPEC cartel. Oil’s New Equilibirum 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, capital efficiency and higher […]