Published: Tue, March 06, 2018
World | By Camille Rivera

US Oil Production to Drive World Supply in Next 5 Years

US Oil Production to Drive World Supply in Next 5 Years

OPEC Secretary General Mohammed Barkindo seen during his visit to Abuja, Nigeria Febuary 27, 2017. "In a shale revolution world, no country is an island".

Growing shale production in the United States has long made it hard to meet OPEC's commitment to overcome the prolonged global oil surplus and to support prices.

"OPEC and Non-OPEC alliance remain at record high compliance, but with Russian Federation continually pressuring for an exit strategy, OPEC will look to offer an olive branch to USA shale", said Stephen Innes, head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore.

"We need to begin to look at companies that are very active in these areas and begin to get them to take some responsibilities in terms of stability of oil prices", Kachikwu told Reuters on the sidelines of the CERAWeek energy conference in Houston, though he did not name any specific companies.

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Meanwhile, shale's growth will come at the cost of OPEC.

In 2017, the ICA made a forecast that shale production in the US would grow at the rate of 1.4 million barrels per day by 2022, with prices of oil being as high as $60 per barrel and up by over 3 million daily with prices of as much as $80 per barre.

But the price rebound has also encouraged US shale companies to pump more oil, and total USA production has topped 10 million barrels a day and toppled near-half-century record in November.

"Colossal growth in North American supply from 2018 to 2023 raises the crucial question of whether there is enough pipeline capacity to transport and sell all of that oil", the Paris-based agency said in its report.

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Rising U.S. output has weighed on oil prices in recent months amid fears it could dampen global efforts to rid the market of excess supplies.

The Opec has not discussed "at this stage" extending production cuts into next year, the group's president said on Sunday, adding that reducing global crude supply inventories remained its focus.

Global oil production capacity is forecast to grow by 6.4 MMbpd to reach 107 MMbpd by 2023.

"I don't think it requires pressure". Global oil trade routes are moving East, as China and India replace the United States as top oil importers.

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According to the International Energy Agency, US shale oil output is expected to rise over the next five years. This was a bounce up from Friday's two-and-a-half-week lows of $61.13. "Recovery factors are still low, so right now (there is) no additional impact", Perez said.

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