So says Rystad Energy:
“Shale is not dead, shale is reborn and has strong growth potential [even] at $US40 to $US50 oil,” said chief executive Jarand Rystad at the opening of the firm’s Sydney office. “It has the potential to again crush the oil market.”
Rystad, one of the few to correctly forecast that US oil output would reach 10 million barrels a day by the end of 2018, is predicting that output could grow to 11.4 million bbl/d by the end of this year and potentially to 12.7 million bbl/day by the end of 2019 thanks to lower costs and higher well productivity.
