The U.S. shale oil output may plateau or decline if prices stay below $70 per barrel, warns ConocoPhillips CEO Ryan Lance. Sustained growth depends on stable prices or new technology. Andrew Mills of Reuters reports that, meanwhile, global LNG demand is set to nearly double, with the U.S. and Qatar leading supply growth to meet rising energy needs. Mills writes:
U.S. shale oil output will flatten out if prices remain where they are now and will start to decline with prices in the $50s per barrel, the CEO of ConocoPhillips said on Tuesday in the latest prediction that oil’s slump could curb U.S. supply.
The comments from Conoco CEO Ryan Lance come as forecasters including OPEC and the International Energy Agency have trimmed their expectations for shale output after prices sank to the lowest since 2021 this year at near $55 for U.S. crude. […]
With oil prices in the $70s per barrel range, U.S. oil output could grow to more than 14 million bpd from between 13.3 million bpd and 13.4 million bpd now, Lance said. […]
The LNG market will grow to north of 700 million tons from around 400 million tons now over the next decade or so, Lance said, adding the market was growing at an annual compound growth rate of 1-2%. […]
Qatar is currently trading around 10 million tons of LNG, around half of which is non-Qatari. By 2030, it aims to trade 30-40 million tons of non-Qatari LNG.
