U.S. shale oil output is surging, but American refineries can't process much more of the light crude, according to Morgan Stanley. There are also limited export opportunities for U.S. shale, which means light oil may soon have to trade at a discount to compete overseas. Shale oil comprises more than a third of the onshore production of crude oil in the lower 48 states. It drove U.S. oil output from 5.7 million barrels per day in 2011 to a record 11.6 million barrels a day in 2018. As a result, the United States became the world’s largest crude-oil producer, Global technically recoverable oil shale reserves have recently been estimated at about 2.8 to 3.3 trillion barrels (450 × 10 ^ 9 to 520 × 10 ^ 9 m 3) of shale oil, with the largest reserves in the United States, which is thought to have 1.5–2.6 trillion barrels (240 × 10 ^ 9 –410 × 10 ^ 9 m 3). In addition to its use as a fuel, oil shale may also serve in the production of specialty carbon fibers, adsorbent carbons, carbon black, phenols, resins, glues, tanning agents, mastic, road bitumen, cement, bricks, construction and decorative blocks, soil-additives, fertilizers, rock-wool insulation, glass, and pharmaceutical products. Shale-focused peer Pioneer Natural Resources , ranked as Texas' second-largest oil producer in 2016, pulling 167,006 barrels per day from the Eagle Ford and Permian formations -- 6.3% of Texas
Oil and gas explorers in the US have been aware of large deposits of shale gas and oil since the 1940s, but until recently were unable to extract such resources in a cost-effective manner. Advances in technological capability such as horizontal drilling and hydraulic fracturing have now made it possible to extract the gas and oil deposits in economic quantities directly from the source rocks. The rapid growth of the US shale industry seems to be at the heart of the Saudi-Russia crude oil price war. Already weak from the coronavirus outbreak, oil prices crashed after talks in Vienna last week on production cuts between the Organization of Petroleum Exporting Countries (OPEC), Russia and other oil producers, the so-called OPEC+ grouping, collapsed with no deal to cut production. But US shale producers are also victims of their own longer-term success. Natural gas output in the Lower 48 states of the contiguous US has almost doubled since 2005 and crude oil production has
24 Jan 2016 US shale oil transformed global energy markets over the past decade. In 2007, oil production was hovering around 5 million barrels per day 21 May 2018 On the supply side, the U.S. shale revolution is reshaping global energy markets, while China is the epicenter of demand growth. Simply put
20 Aug 2019 U.S. shale oil production rose by more than 7 million barrels per day (mb/d) from 2010 to 2019 (Chart 1). Total U.S. oil production, which had 24 Jan 2016 US shale oil transformed global energy markets over the past decade. In 2007, oil production was hovering around 5 million barrels per day
5 days ago Russia's oil-market war with Saudi Arabia is part of a strategic campaign to cripple U.S. shale-oil production, a powerful economic tool that 6 Mar 2020 If that happened, rapid production declines from existing shale oil wells could have an abrupt impact on supplies, consumption and prices. In a 20 Nov 2019 Oil prices are down amid weak demand, and investors no longer seem Today, shale accounts for about two-thirds of U.S. oil production and