Despite slowing US output of light tight oil, global oil supply growth remained at a steep 3.2 million barrels per day (mb/d) year-on-year in April.
“We’re entering a phase when all the excess capacity will be resized to the new US world market share,” said Subash Chandra, managing director and senior equity analyst at Guggenheim Partners. “I don’t expect prices to go above $70-75/bbl. If it hits $90, US producers will start working full-out again.”
Recent and projected increases in U.S. crude oil production have sparked discussion about how current limitations on crude exports affect prices, including world and domestic crude oil and petroleum product prices, and the level of domestic crude production and refining activity.
China appointed new heads for each of its three national oil companies on Monday, in a sweeping reshuffle of the industry at the heart of its two-year anti-corruption drive.
U.S. show the potential to eliminate net energy imports sometime between 2020 and 2030. This reflects changes in both supply and demand, as continued growth in oil and natural gas production and the use of renewables combine with demand-side efficiencies to moderate demand growth. The United States has been a net importer of energy since the 1950s.
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