Tuesday, November 7, 2017

US Shale Crude Oil Production Will SOAR Over The Next Four Years; Production Will Grow Considerably Faster Than Expected -- OPEC -- November 7, 2017

You may want to re-read this post first, in which the author(s) argue that shale oil will not be able to keep up, suggesting that "peak oil" and "re-balancing" are right around the corner.

Now, we have a Bloomberg article with this headline: OPEC now says US shale will grow even faster than they previously thought.

Before we look at this article, we may want to look at the slides posted in the last couple of days, coming from the Bakken:
Now, to the Bloomberg article (a thank you to Don for alerting me to the article):
  • OPEC raises forecast for shale oil output in annual report
  • shale producers show "resilience and ability to bounce back"
Look at the adverbs:
OPEC said shale oil production will grow considerably faster than expected over the next four years.
More data points:
  • US shale operators too advantage of OPEC's cuts which triggered a crude-price recovery
  • North American shale output will soar to 7.5 million bopd in 2021 -- OPEC
  • that's 56% higher than it forecast a year ago
Much more at the link, but I think that's enough for now.

This is how OPEC sees the future of global shale:

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