In November, United States’ crude oil production exceeded 10 million barrels per day for the first time since 1970, according to the US Energy Information Administration (EIA). Analysts have predicted that U.S. could become the world’s largest oil producer in 2018, surpassing Saudi Arabia and Russia. How did we get here, and what does it mean for the industry?
Oil’s Boom-and-Bust Cycle May Be Over. Here’s Why
New technologies are disrupting the industry.
March 01, 2018
Summary.
The United States is producing more oil than it has in nearly half-a-century, led by technology-enabled, disruptive shale oil extractors who can ramp up facilities and production much faster and more cost-effectively than traditional players. The new companies are defining new rules for the business. The traditional boom-and-bust cycles of oil prices may be gone forever, replaced by less extreme price fluctuations that are more difficult to predict. The news is mostly good for consumers but has created a new era of uncertainty for producers who must become strategically nimble and rethink their businesses.