[ad_1]
In a major shift, the United States is expected to produce more oil and liquids than Russia and Saudi Arabia combined from here 2025.
According to Rystad Energy's baseline oil price scenario, US liquids production is expected to exceed 24 million barrels per day over the next six years, exceeding the combined production of Russia and Saudi Arabia .
(Click to enlarge)
"The United States, which regained its position as the world's leading liquids producer in 2014, is poised to become a standout category in the next six years and overshadow the collective production of their two closest rivals. from here 2025, "said Rystad Energy. partner Artem Abramov.
Historically, the United States, Russia and Saudi Arabia have regularly moved to the top of the global list of liquid producers – measuring crude oil, rental condensate and plant natural gas liquids – but Market-oriented US oil and gas activity and production have taken a new impetus. . The United States has not seen its liquid market share exceed 50% among the "Big Three" producing countries since 1970.
"The growth potential of the United States could be slowed down if oil prices slipped under our reference scenario for long periods of time, but, as long as average prices remain above US $ 50, positive trends in oil production will continue. United States would persist, "added Abramov. Related: Saudi Arabia: We are going to pump the last barrel of oil in the world
Rystad Energy, a Norwegian-based independent energy consulting and research firm based around the world, badumes a WTI Cushing average oil price of USD 58 per barrel from 2019 to 2025.
Growth in liquid production in the United States will be driven by major shale basins such as Permian in parts of Texas and New Mexico. Given the sharp decline in shale well production, it is necessary to maintain consistently high levels of capital expenditure (capex) to meet our baseline production forecast. This corresponds to growth of up to 20% compared to the level of investment observed in the US oil industry in 2018, while the level of investment of $ 260 billion recorded in 2014 should never be reviewed again.
"Some market participants have expressed concern about possible depletion of resources from key parts of large fluid pools in the United States. But nothing indicates that such a development will occur any time soon, "Abramov noted. "Although Rystad Energy generally applies a conservative approach in estimating remaining drilling stocks per area, even in the most mature basins of Bakken and Eagle Ford, approximately 70% of the economically recoverable resources in Rystad Energy's oil have not yet been developed. "
By Rystad Energy
More from Reading Oilprice.com:
[ad_2]
Source link
