The Next Oil Boom Is Happening Here

Just as the U.S. shale industry is slowing down, oil production in other non-OPEC countries is on the rise. Output in U.S. shale grew substantially in 2019, although at a slower rate than in years past. More importantly, as investors lose interest and capital markets become unfriendly, shale E&Ps are going to have an increasingly difficult time financing drilling outside of their own cash flow. As companies are forced to cutback in the pursuit of positive cash flow, supply growth will likely slow even further. For the last few years, global…