US Energy Information Administration
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A new report predicts that US output will rise to a new record high of 12.1 million B/D in 2020. -
Oil prices have fallen since early October in lockstep with the plunge in 2014. But this time oil companies appear better able to deal with a tough situation.
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Proved oil and gas reserves in the US have spiked to levels not seen before, the EIA reports, and one of the main drivers is the Permian’s Wolfcamp-Bone Spring Shale.
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There is no single reason that they all exist—and bringing them all on line will face challenges.
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The US has “likely surpassed” Russia as the world’s largest oil producer, according to a US Energy Information Administration report.
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A marked change from a decade ago, Appalachia, the Permian, and the Haynesville now represent almost half of total US gas production, EIA reports.
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Supply growth into next year is projected to outpace global demand, bringing markets once again into a state of relative imbalance.
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US oil production is getting lighter and gas production is spreading as unconventional formations feed export growth.
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Continued growth in production driven by natural gas, along with a modest increase in US energy consumption, will lead the US to become a net energy exporter within 4 years according to a new report from the EIA.
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The US is emerging as a gas-exporting nation, and that is going to mean big changes globally.
