The NASA inspired car showroom photographed by the Oilholic some months ago in Houston, Texas could sum up the US oil patch's inspirational streak. Its going where, quite possibly, no US oil patch has gone before.
Sentiment is rapidly rising in favour of US production capping an all time high in 2018 of (well in excess of) 10 million barrels per day (bpd).
If achieved, that would be the highest US production on record, well above 1980s Texan boom and more recently, when both Dakotas put the word ‘revolution’ and in the shale revolution we’ve now become so accustomed to.
The other leveller of course, is innovation. With extraction costs having declined dramatically and oilfield services firms' offerings to exploration and production companies getting ever more competitive, some with viable shale plays can keep going even at a $30 per barrel oil price.
Here’s the Oilholic’s assessment in a recent Forbes post. Inventories may not have quite rebalanced, while more oil is on the way. That's all for the moment folks! Keep reading, keep it crude!
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© Gaurav Sharma 2017. Photo: Exterior of NASA-themed car dealership in Houston, Texas, USA © Gaurav Sharma 2017.