Despite the recent price drop, US production will continue to grow at a swift pace through 1H 15 and those additional barrels will need to find a home in the North American market due to export restrictions. US tight oil producers will likely take a long-term view with regards to their capex decisions, according to Barclays.
As a result, lower oil prices are unlikely to have an immediate impact on production growth. From September levels, Barclays forecast shows production growth of over 400 kb/d by the end of March and close to 900 kb/d by the end of 2015. Even opportunities to export to Canada or to export ANS internationally have limited upside from current levels...............................................Full Article: Source
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