Rise of light, tight oil leads to rethink offshore

摘要

The US light, tight oil (LTO) revolution has made non-OPEC production more responsive to price swings than during previous market sell-offs, the report said, adding that this would likely set the stage for a relatively swift recovery. At the same time, lower oil prices will not provide as strong a boon to oil demand growth as might be expected. As producers take an axe to their spending, supply will grow far more slowly than previously projected, but global capacity is still forecast to expand by 5.2 million barrels per day by 2020, and the toll on production will vary by country.