Bloomberg Talks Carlyle Group Chief Strategy Officer of Energy Pathways Jeffrey Currie Talks Oil Markets
Mar 18, 2026
Jeffrey Currie, Carlyle Energy Pathways chief strategy officer and former Goldman Sachs commodities head, unpacks the widening split between paper and physical oil markets. He discusses how supply shocks, inventory draws and geopolitical strikes create a volatile rebalancing. He warns of cascading effects on agriculture and global supply chains and why visible shortages could force prices to catch up.
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Physical Oil Shortages Are Global And Real
- Physical oil shortages are spreading globally and cannot be solved by financial fixes.
- Jeffrey Currie shows Singapore, Rotterdam and multiple Asian markets spiking to $220–$230 per barrel as evidence of molecular contagion.
Paper Markets Have Detached From Physical Prices
- Paper futures are disconnected from physical prices, with Brent/WTI near $100 while Oman and delivered crude trade much higher.
- Currie cites Oman trading $120–$173 and products above $200 versus paper markets around $100.
Russian Urals Masked The Market Tightness
- Russian Urals crude returning to market compressed the spread and masked true tightness.
- Currie argues once the cheap Russian barrels closed the gap, spare barrels disappeared and the rest of the complex must rally.