Karen Harbert

Power Shifts in Global Energy

John Raymond, Josh Harris, Pierre Breber, Karen Harbert, Bernd Fischer, Amy Christensen

Panelists analyzed a global oil market oversupplied by 2 million barrels per day, projecting a one-to-two-year recovery to a $65–$70 price range driven by declining U.S. shale rig counts and shifting geopolitical dynamics. Investment strategies are pivoting toward cost-efficient Permian assets and midstream infrastructure while avoiding service sector risks, as the energy sector's share of high-yield debt has surged to 18%. Concurrently, the summary highlights a historic shift in global power centered on North America, where lower prices have spurred petrochemical growth and manufacturing relocation while reducing the fiscal stability of petrodollar-dependent regimes.