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OIL
Efficiency gains which helped drive the US’ surprise rise in crude output in 2023 have returned, helping Shale producers revise up their 2024 targets, according to Argus.
- The upward revisions by the likes of Diamondback Energy, Devon Energy and Permian Resources are modest, but remain an issue for OPEC+ as it nears the start of a planned unwind in 2.2m b/d of output cuts.
- Meanwhile, Chevron has raised its full-year production growth outlook for Permian to 15%, up from 10%.
- The output gains have come from drilling three-mile lateral wells along with the adoption of electric fracking fleets, Argus said.
- The growth in US efficiency will help to increase output and may force OPEC+ into rethinking its timeline for returning additional supply to the market.
Source: Argus
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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