As if stuck in a partially clogged drain, oil from the hottest U.S. shale play has been caught in a bottleneck due to a lack of pipeline capacity.
Citigroup energy analyst Eric Lee said Permian output at just under 4 million barrels a day is up about 1 million barrels from a year ago and should be a million more, or 5 million a day, a year from now, in early 2020. The Permian has benefited from consistent improvements in technology, which increasingly have been capable of extracting more oil from the shale formation.
"We like to say we're exporting champagne and importing beer," said LeBlanc. The U.S., in the past week, imported 7 million barrels a day. Twice in the past several months, weekly data showed the U.S. to be a net exporter of crude and refined products. Exxon said it hoped to reach 1 million barrels per day of oil equivalents in five years, and Chevron said it expects to more than double its output, taking production to 900,000 oil equivalent barrels by the end of 2023.
A defeat of the dictators will balance oil output across the world. This will promote the using of the sweetest product controlling prices and decreasing pollution without the hysteria.
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