• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 17 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 58 mins Saudi Fund Wants to Take Tesla Private?
  • 1 hour Starvation, horror in Venezuela
  • 10 hours Venezuela set to raise gasoline prices to international levels.
  • 2 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 4 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
Alt Text

Can U.S. Shale Stop A Global Oil Supply Crisis?

U.S. shale is often overlooked…

Alt Text

Why Trump Won’t Kill Progress On Fuel Economy

The fuel economy standards battle…

Alt Text

Oil Prices Fall Despite Supply Fears

Oil prices started the day…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

How Fast Will U.S. Shale Grow In 2018?

Shale

Friday December 22, 2017

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. 2017: Record low oil discoveries

(Click to enlarge)

- In 2017, the oil industry discovered the least amount of oil since at least the 1940s.
- The industry discovered just 7 billion barrels of oil equivalent, down from even the seven-decade low of 8 billion boe posted in 2016, according to Rystad Energy.
- Several years of savage cuts to exploration budgets have led to the dwindling number of new discoveries.
- Moreover, the average discovery is also getting smaller – 100 million boe in 2017, compared to an average size of 150 million boe in 2012.
- The declining rate of new discoveries could create supply shortages at some point in the 2020s.

2. 2018 forecasts differ widely

(Click to enlarge)

- The oil market seems to be improving, and the OPEC extension puts the market on a path towards rebalancing next year. But analysts have very different expectations for what might go down in 2018 with inventories, the all-important metric upon which OPEC is basing its action.
- Inventories typically climb in the beginning of the calendar year on softer demand. Both the IEA and OPEC predict an…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News