ASX LIVE: Australian shares to edge higher, Wall Street pares early rally

The US slashed its forecast for the nation’s oil production growth next year, predicting that output will fall short of an all-time high in the latest sign that the shale boom may have peaked for good.

It’s one of many indications that production from shale fields -- one of the world’s few sources of major oil-output growth in recent years -- is slowing and will never rebound to pre-pandemic highs. We expect renewable sources to provide 22 per cent of US electricity generation in 2022 and 24 per cent in 2023 as generation from natural gas declines from 38 per cent in 2022 to 36 per cent in 2023.

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