MOSCOW (Pakistan Point News / Sputnik - 14th January, 2021) The US shale oil output is likely to recover faster than projected in the second half of the year, OPEC said in a monthly report on Thursday, upgrading the forecast for the US oil production.
"Market conditions have improved for US shale as oil prices have moved into a range where output is likely to recover at a higher-than-expected rate in 2H21. As a result, the US liquids supply forecast was revised up by around 0.1 to average just under 18.0 million barrels a day (mbd)," the report read.
At the same time, the US crude oil production forecast for 2021 has been revised up as well by 40,000 barrels a day, to 11.42 mbd, including fields condensates, the OPEC noted.
The US shale oil has suffered a huge crisis last year against the background of oil demand fall and low oil prices as the production for US companies turned unprofitable, driving many of them out of business.�
