Potential Of Peak Shale Puts Oil Market On Edge

Potential Of Peak Shale Puts Oil Market On Edge

Share to Linkedin ODESSA, TEXAS: An oil pumpjack setup pulls oil from the Permian Basin oil field on March 13, 2022 in ... [+] Odessa, Texas. United States President Joe Biden imposed a ban on Russian oil, the world's third-largest oil producer, which may mean that oil producers in the Permian Basin will need to pump more oil to meet demand. The Permian Basin is the largest petroleum-producing basin in the United States. (Photo by Joe Raedle/Getty Images) If Washington is upset about the influence of the OPEC+ cartel over global oil markets, wait a few years – because it will only get worse. Many analysts are now forecasting that U. S. oil production could peak around 2024, which means the global oil market will have to make do without its most crucial short-cycle "swing" producer to keep up with growing global populations and demand for energy. It's a troubling thought. The prospect of another decade of global demand growth, combined with peak U. S. production within two to three years, is hugely concerning. After all, U. S. supply growth has almost single-handedly met global demand growth in recent years. This year, for instance, the United States will add roughly