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US Shale Growth Slowing in 2024: WoodMac

OIL

Shale producers will find it difficult to grow after dropping drilling rigs in 2023, according to a report by WoodMac cited by Bloomberg.

  • The report offered one of the lowest growth forecasts, seen increasing by 270k b/din 2024 and 330k b/d in 2025.
  • Growth in 2023 at 900k b/d came as a surprise amid a 19% drop in oil rig counts.
  • “The rig count declined throughout 2023, but the production impact will be felt in 2024,” Utkarsh Gupta, a senior analyst at Wood Mackenzie said. “Offsetting base declines gets increasingly difficult at higher production levels, resulting in more production needed just to keep production flat.”
  • Shale explorers are also looking to show greater restraint in spending in 2024, Bloomberg added.
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