NEW YORK, Oct. 20, 2016 /PRNewswire/ -- Includes 3 FREE
quarterly updates
The US will lead gains in non-OPEC crude oil production over the
next decade despite the fall in oil prices. High growth rates seen
in recent years will moderate through our 10-year forecast period,
reflecting abrupt depletion rates in shale oil fields, a glut in
the domestic market for light sweet crude and lower oil prices
dampening a portion of upstream investment. Fuels consumption
growth will temper over the next decade as efficiency gains take
root. In the gas market, we forecast a ramp-up in production as new
LNG export facilities and petrochemical plants come online.
Latest Updates And Key Forecasts
- As the US market continues to rebalance, operators and oilfield
service (OFS) providers await a more pronounced recovery in oil
prices that would persuade an uptick in upstream activity. After a
volatile H116, benchmark prices are now expected to stabilise above
the USD40/bbl mark for the remainder
of the year, encouraging shale developers to reassess, and
eventually increase their investment plans for the first time since
the downturn.
- Job cuts and the limited number of high horsepower rigs will
limit the strength of US onshore production growth once oil prices
recover. Improving oil prices will contend with rising drilling and
completion costs as OFS providers capitalise on growing demand to
mend their respective balance sheets. We maintain our view that
production growth will return in 2017 on the back of rising
unconventional production, but at a more modest pace than in years
prior.
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