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Shale Oil Output to Fall 0.4m-0.5m bbl: Novak

OIL

Global shale oil supply will drop by 0.4m-0.5m bbl in 2024, according to Russia’s Deputy PM Alexander Novak, cited by Bloomberg and TASS.

  • "Speaking about shale oil produced by the United States of America, here, on the contrary, the slowdown of the market offer is observed,” Novak said.
  • “In my opinion, it will be 0.4-0.5 mln barrels [daily] this year, which is much lower than the incremental demand growth," Novak added.
  • Novak added that shale oil production is falling despite a higher pace of demand growth.

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