North American oil output growth will fall to about 10pc in 2015 as producers curb drilling in high-risk areas amid a plunge in crude prices, according to Moody's Investors Service. Output growth will fall from the recent double-digit pace as exploration and production companies cut spending budgets by about 20pc next year, with “room for deeper cuts if weak oil prices persist” and cash flows decline, Moody’s said in a report. Smaller shale producers such as Concho Resources, Oasis Petroleum and Sanchez Energy will increase production by more than 10pc, while larger producers such as Occidental Petroleum, EOG Resources and Marathon Oil will see more modest gains, of about 5pc-10cpc.
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