Indeed, crude oil production in the Lower 48 from new wells drilled since the start of 2014 accounted for 48 percent of total U.S. crude output in 2015. (energytomorrow.org)
Concerns about market tightness have also been fueled by the deteriorating political and economic situation in Venezuela that has led to a 40 percent decline in crude output in the past two years. (cnbc.com)
For next year, however, ING expects lower prices due to rising US crude output, which has jumped by a quarter since mid-2016. (afr.com)