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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