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The Shale Oil Threat Will Not Go Away

December 22, 2016

The production cut of 1.8 million barrels of oil a few years back would have led to a massive spike in oil prices; however, in 2016, it has barely managed to nudge prices above the $52 per barrel mark. Fears of shale oil producers ramping up production with higher oil prices have kept the oil bulls in check. The bears, on the other hand, are waiting for any signs of cheating from the OPEC nations and Russia in following their production quotas.

However, earth scientist David Hughes has critiqued the Energy Information Administration’s Annual energy outlook report on various factors like total recoverable oil, advances in production, ability of shale oil drillers to continue pumping oil at low oil prices, and the peak production from the various basins.

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