Insight
Lower 48 supply: what could slow the US growth machine?
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Report summary
Growth in US Lower 48 crude oil production is relentless. Activity has surged in the last 18 months, supported by rising crude oil prices and continued increasing intensity and pace of completions. Strong rig additions through early-2018 are now translating into surging supply: annual average crude oil growth in 2018 is forecast at close to 1.3 million b/d. With the inclusion of NGLs, the US Lower 48 will add close to 6 million b/d to global supply by 2025. This insight addresses some of the key questions on US Lower 48 crude oil outlook: When will US Lower 48 crude oil supply peak and at what level? Where are the key areas for growth – is it all about the Permian? Which markets will consume increasingly lighter US shale crudes and why? What is the impact of changing corporate mind-set and the role of the Majors? What are the key risks: cost inflation and water costs?
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