Conventional oil production still accounts for the vast majority of output around the world. – But going forward, new supply will increasingly come from tight oil (shale), oil sands and offshore. – From 2010 to 2014, investment in tight oil, oil sands and deepwater jumped from 20% to 30% of total upstream investment. – By 2040, the EIA estimates that these three segments will account for 21 million barrels per day (mb/d), or nearly a quarter of the world total. Market Movers • A U.S. appeals court ruled that a key natural gas pipeline could move forward in New York. The $900 million Millennium Pipeline Co.’s Valley Lateral project had been blocked by New York, but may now move forward, connecting shale gas to major markets. • W&T Offshore (NYSE: WTI) saw its share price jump […]