OilPrice.com: Can Global Oil Production Climb If The U.S. Shale Boom Is Over?
* Global monthly oil production peaked on a monthly basis in November 2018, and there are now real questions as to whether oil output will ever hit those heights again.
* A combination of spending discipline and regulatory hurdles appears to have ended the shale boom, but shale production growth may well have slowed anyway.
* There have been plenty of ‘peak oil’ predictions in the past, but with growing regulatory resistance, the death of U.S. shale, and less tier-one acreage, this really could be it.
Prior to the pandemic-induced downturn in world oil production, U.S. oil production growth was responsible for 98 percent of the increase in world production in 2018 (as reported in 2019). Almost all of that growth resulted from rapid increases in shale oil production which accounted for 64 percent of U.S. production (as of 2021).
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WNU Editor:According to the above report. The answer is no.
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