Let’s spin this further – this would mean that all future supply growth worldwide would come from US oil. Not only would the US produce more oil than they can consume, they already produce more gas than they can consume. The journey towards even lower costs on the shale front is not finished by any count and this means that anything that’s not super cheap development outside the US will struggle. The deep Arctic, deepwater, sour oil, extra heavy – they are all permanently on the ropes so either the world starts using much more oil (which makes a mockery of Paris) or the US wipes the floor with OPEC and pals.
The U.S. will account for almost a quarter of global oil and gas production by the early 2030s as the shale boom keeps on booming, according to the head of Rystad Energy.