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2020-01-15 12:45:00

U.S. OIL SLOWDOWN

U.S. OIL SLOWDOWN

REUTERS - JANUARY 14, 2020 - U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to "gobble up" smaller shale oil producers, Mark Papa, shale pioneer and non-executive chairman of Schlumberger, told Reuters.

U.S. output surged to nearly 13 million bpd last year, making it the world's largest producer.

The Energy Information Administration (EIA) has forecast U.S. oil production growth at 1 million barrels per day (bpd) in 2020, with shale accounting for most of the increase.

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