Shale Drillers To Torment OPEC Into Next Decade

Bloomberg | Joe Carroll

This week, OPEC raised its estimate for North American shale growth by 56 percent.  

Even as American drillers embrace the new religion of profits-over-production, OPEC’s latest long-term forecast focused on the ability of shale explorers to thrive regardless of prices, thanks to advances in guiding drillbits and fracking. The U.S. rig fleet may be shrinking, but production isn’t. It’s risen 8.9 percent since 2016. The Organization of Petroleum Exporting Countries surprised investors on Tuesday by boosting its long-term estimate for growth in North American shale production by 56 percent from a year earlier. The 12-nation group now expects output from the continent’s shale wells — which weren’t even a blip on worldwide markets a decade ago — to reach 7.5 million barrels a day in four years.

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