U.S. shale oil production is set to rise next year following the rally in prices since OPEC’s Nov. 30 meeting in Vienna, according to the International Energy Agency, which had predicted a decline in its previous report. “U.S. LTO is expected to continue to decline through the end of the year before rising marginally over 2017,” the IEA said, referring to light tight oil, a synonym for shale oil. In November, the agency forecast shale-oil output would decline by about 200,000 barrels a day next year, following a half a million barrel-a-day decline in 2016. With the rally in oil prices following OPEC’s deal with other producers including Russia to slash output from January by almost 1.8 million barrels a day, “activity in the U.S. shale patch is expected to increase in the coming months,” the IEA said. The agency notes […]

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