U.S. oil output may be set for last spike in 2018: Vitol

11 Oct 2017   Oil Supply, USA

U.S. oil output could be set for a last spike in 2018 before growth flattens for a number of years as rising costs make a big chunk of production uneconomic, the head of top oil trader Vitol, Ian Taylor, told Reuters. The United States has turned into a major oil exporter in recent years on the back of a shale revolution, which created a global oil glut and sent prices plunging to below $30 per barrel last year from as high as $110 in 2014. “I think the question, a little bit in the longer term is – is this the last big rise in U.S. production?” said Taylor, chief executive at Vitol, which trades more than 7 percent of global oil and has a large presence in U.S. markets. He said Vitol expected U.S. output to climb by 0.5-0.6 million barrels per day (bpd) next […]

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