Against the backdrop of OPEC’s 1H17 production cuts, US liquids production has started to rebound. Rystad Energy estimates that total US oil and condensate production has increased from 8.9 to 9.3 million bpd between November 2016 and May 2017.
This represents an increase of 400 bpd over the last six month, the lion’s share of which stems from higher shale activity. Prior to the OPEC deal, US oil production had declined by almost 700 000 bpd from a 2015 peak of 9.6 million bpd.
