Their prediction of so - called «explosive»
shale oil production growth is also being brought into question.
Not exact matches
The firm had taken a bearish view on Exxon due to challenges in its European natural gas operations, «lackluster»
growth in
oil and gas
production, a pricey acquisition in U.S.
shale fields and the lack of share buybacks.
«This year, however, (OPEC's)
production curbs will increasingly have to make do with playing second fiddle to a Texas - sized wave of U.S.
shale growth,» Stephen Brennock,
oil analyst at PVM Oil Associates, said in a research note Wednesd
oil analyst at PVM
Oil Associates, said in a research note Wednesd
Oil Associates, said in a research note Wednesday.
In a sign that the U.S.
shale patch is boosting output that has been keeping a lid on
oil prices, four U.S.
shale companies reported second - quarter
production that beat targets and increased their respective full - year output
growth guidance.
The world's hottest
shale play right now, the Permian, is boosting its
oil production and contributing the most to the U.S. crude output
growth.
The looming supply
growth is mostly due to two factors: the scheduled end of OPEC / non-OPEC
production cuts in March and US
shale production, including NGLs, «growing like crazy,» said New York - based Mike Wittner, managing director and global head of
oil research at Societe Generale.
OPEC said Thursday its crude
oil output fell last month amid compliance with the
oil cartel's agreement to cut
production, even as the world's total
oil supply continued to rise on the back of burgeoning U.S.
shale growth.
However, given the company's strong balance sheet, future
growth plans, and the strong long - term potential future of America's
shale oil and gas
production, I remain bullish on frac sand producers in general, and US Silica specifically.
The US
oil industry has slowed down: but EOG Resources, the country's largest
shale oil producer, has forecast a return to «double - digit»
production growth if the US benchmark, West Texas Intermediate, rises to $ 65 per barrel or higher.
The recent
growth in unconventional
oil production from the Bakken (North Dakota), Eagle Ford (Texas) and other tight
oil plays has drawn attention to the potential of
shale in California's Monterey Formation.
The
growth in
oil production in the US has almost entirely resulted from increased
production out of Eagle Ford and Bakken
shale.
The marginal cost of
production for a lot of crude
oil that is
shale related is around $ 50 / barrel, and that is where I think the market «equilibrium» will bounce around for a few years, until global
growth picks up.
The Toronto Globe and Mail has published an excellent investigative package on the
growth of rail shipments of
oil attending the surge in
shale -
oil production.
Reuters: The U.S. government on Tuesday jacked up its forecast for
oil production next year by 250,000 barrels per day (bpd) as the boom in
shale oil drilling continues to confound expectations of slower
growth.