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Category: ShaleSupply

Shell Expects Oil Rebound as Shale Fails to Fill Supply Gap

June 05, 2015 Posted by Chris Wysong

Global oil consumption is growing by 1 million bpd every year. With shale unable to meet this extra demand, analysts expect oil prices to rise in response. Shell Expects Oil Rebound as Shale Fails to Fill Supply Gap By:Firat Kayakiran and Jonathan Ferro (Bloomberg) Royal Dutch Shell Plc sees oil prices rising because supply from shale drilling in the U.S. wont be enough to satisfy growing global demand. The industry needs to find an extra 4 million barrels to 5 million barrels a day every year to meet demand and replace depleted fields, Shell Chief Financial Officer Simon Henry said in an interview on Tuesday. Lower oil prices increase demand and reduce investment, and it already has, Henry said after a conference organized by Chatham House in London. Global consumption of about 93 million barrels a day is increasing by 1 million every year, he said. Oil producers are delaying or canceling projects and cutting costs after crude slumped about 40 percent over the past year as the

Posted in OilPrices, OilDemand, Shale, ShaleSupply
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