Oil prices are likely to be mired near their lowest levels in more than four years in 2015 and investments will take a backseat, underlining a gloomy outlook for the industry.

The U.S. shale revolution has driven oil output to the highest in more than three decades, reducing America’s need for overseas purchases and sinking global prices into a bear market.

The 2013 Natural Gas Annual shows record natural gas production and consumption levels in the United States. In 2013, domestic dry production of 24.3 trillion cubic feet (Tcf), or 66.7 billion cubic feet per day, (Bcf/d) rose just over 1 percent over 2012, with Ohio increasing the most, percentage-wise, of any state.

A strong Dubai price in a weak oil market has created a dilemma for top oil exporter Saudi Arabia as it works out official monthly selling prices for December.

French oil major Total SA is well placed to weather the recent oil-price volatility, with new production scheduled to come on stream over the next two years set to bolster the company, its new Chief Executive Patrick Pouyanné told a London industry conference Thursday.

OPEC Head Tells Oil Market to Stop Panicking About Prices

Oil prices climb but stay below earlier 2014 levels

Crude Falls on Federal Reserve Stimulus Halt, U.S. Supply

PetroChina, the nation’s biggest explorer, posted its lowest profit in eight quarters yesterday, while Cnooc Ltd., which only reports quarterly sales, saw a decline of 4.6 percent.

Royal Dutch Shell Posts Rise in Profit