US shale is pumping out a lot more oil than expected - Foenaija - Home

US shale is pumping out a lot more oil than expected

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shale workersReuters/Reuters Staff

  • Shale executives insist that they will cut down on drilling, with prices at $60 a barrel.
  • The EIA begs to differ.
  • The EIA estimates that the U.S. could hit 11 million barrels a day in 2018, a drastic revision than the 2019 target it set just recently. 

Shale executives have gone to great lengths to convince investors that they will not drill aggressively now that oil prices have rallied into the $60s. But in a new report released on Tuesday, the EIA essentially said that those assurances are just a lot of hot air.

The EIA’s Short-Term Energy Outlook predicted that U.S. oil production would top 11 million barrels per day (mb/d) this year. Last month, the agency said that the U.S. wouldn’t hit that threshold until November 2019.

See the rest of the story at Business Insider

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