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US Shale Oil Growth Faces Slowdown: Argus

OIL

An unexpected jump in US crude output in 2023 is unlikely to occur in 2024, according to Argus.

  • The 20% decline in US rig count is expected to catch up with production, despite rising efficiencies, Argus added.
  • Bringing on a lot of production last year, you've got a steeper decline to offset," EOG Resources president Billy Helms said. "That tells you that US production is not going to be able to continue to grow at the pace that it did last year."
  • According to Helms, output growth in 2024 could be less than half of the 0.9m b/d last year.

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