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2015-10-06 19:45:00

U.S. OIL WILL DOWN

U.S. OIL WILL DOWN

U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday.

Papa, now a partner at U.S. energy investment firm Riverstone Holdings LLC, told an industry conference in London that the U.S. shale oil industry needed oil prices of at least $80 a barrel to resume production growth.

"We are about to see a pretty dramatic decline in U.S. production growth," said Papa, who was a key figure helping to spur the U.S. shale oil boom when he was at EOG Resources.

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Tags: USA, SHALE, OIL,
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