• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 20 mins UK, Stay in EU, Says Tusk
  • 23 mins Nuclear Power Can Be Green – But At A Price
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 15 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 4 hours Chevron to Boost Spend on Quick-Return Projects
  • 2 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 6 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 12 hours Venezuela continues to sink in misery
  • 3 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 6 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 4 hours Conspiracy - Theory versus Reality
Alt Text

What Apple’s Tailspin Means For Oil Prices

Global markets have bounced back…

Alt Text

Oil Prices Lag Despite Early OPEC Cuts

OPEC already started cutting crude…

Alt Text

Canadian Oil Prices Reach 12-Month High

Canadian crude prices hit their…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

OPEC: U.S. Shale To Rise Much Faster Than Expected

Higher oil prices, robust oil demand growth, and higher upstream activity will lead to faster-than-previously-expected growth in U.S. shale production until 2022, OPEC said in its World Oil Outlook 2017 published on Tuesday.

Compared to last year’s annual OPEC outlook, the medium-term outlook for non-OPEC liquids growth has “changed quite considerably”, the cartel said, citing the “US tight oil sector’s resilience and ability to bounce back.”

“Most strikingly, US tight oil production has exceeded previous growth expectations and is currently forecast to contribute to a rise in overall US liquids by some 0.6 mb/d in 2017 and then 0.9 mb/d in 2018. This contrasts with an annual decline in US liquids in 2016, overall non-OPEC production. In the medium-term, total non-OPEC liquids are forecast to grow by 4.9 mb/d to 62 mb/d in 2022, of which 3.8 mb/d is incremental supply from the US alone,” said the organization which is trying to ‘fix’ the global oil market by deliberately withholding production to draw down inventories and prop up oil prices.

It’s the oil price gains and resilience of U.S. shale that has prompted OPEC to revise up its expectations for U.S. and Canada’s combined tight oil production to 7.9 million bpd in 2022, up by 3.3 million bpd from 2016. Related: Is A Venezuelan Default Inevitable?

“Non-OPEC supply growth is overwhelmingly driven by higher tight oil production, predominantly in the US and to a lesser extent elsewhere. This growth is heavily front-loaded, as drillers seek out and aggressively produce barrels from sweet spots in the Permian and other basins,” OPEC said.  

However, the cartel noted that “US tight oil is by far the most important contributor to non-OPEC supply, but peaks after 2025”. And after that demand for OPEC crude—while it will be “quite flat” until 2025—is expected to rise sharply, the organization said, in a sign that it believes that the market share wars are far from over.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Kr55 on November 07 2017 said:
    Pretty smart mind game to play. Tell shale they are still on track to defeat themselves in the nicest possible way.

    I think shale has already got the message though. Focus is shifting strongly to shareholder value, at long last. Exec bonuses based on drilling like mad are becoming extinct. Investors finally wising up and making the incentive actual profits.
  • Citizen Oil on November 07 2017 said:
    Strange how their prediction is the complete opposite of every analyst on the planet. Shortage of crews, materials and willpower to overproduce have been reported lately with confidence. Saudi talks out both sides of their mouth. We need more supply but shale is a threat.

Leave a comment




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