• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 2 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 18 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 1 min Let’s take a Historical walk around the Rig
  • 17 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 hour Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 hours Trump has changed into a World Leader
  • 1 day Might be Time for NG Producers to Find New Career
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 3 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded

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…




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