After Texas pushed the United States over the last decade to become the world�...
NEW YORK - After Texas pushed the United States over the last decade to become the world’s biggest oil producer last year, the heart of the shale revolution is starting to show fatigue.
Those indicators of future U.S. oil production suggest that the massive surge in output over the past two years cannot continue unabated, and instead will shift to a near-term plateau in supply. The U.S. Energy Information Administration in March trimmed its crude production forecast to an average of 12.3 million barrels per day for 2019 from 12.4 million bpd. That was the first time the EIA cut its production estimate since September.
The number of drilling rigs started to fall after domestic crude prices dropped to $42 a barrel in December from a peak of $76 in October, but prices have since recovered, with U.S. crude now at about $62. That means the full effect of the drop in rigs might not be seen for several months. Unless prices skyrocket, independent shale companies are expected to maintain lower levels of spending.
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