• 4 minutes Why Trump will win the wall fight
  • 9 minutes Climate Change: A Summer of Storms and Smog Is Coming
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 13 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 2 hours Ayn Rand Was Right
  • 48 mins Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 2 hours Oil imports by countries
  • 43 mins Solar and Wind Will Not "Save" the Climate
  • 3 hours Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 6 mins Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 2 hours NZ Oil, Gas Ban Could Cost $30 Bln
  • 23 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 15 hours Regular Gas dropped to $2.21 per gallon today

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



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