The U.S. shale industry has been responsible for a tidal wave of oil production in recent years, and shale will increasingly dominate the oil market over the next half-decade at least. “Following the unprecedented expansion seen in 2018, when total liquids production increased by a record 2.2 million barrels per day (mb/d), the United States will account for 70% of the increase in global production capacity until 2024,” the International Energy Agency (IEA) said in its latest medium-term oil market report, Oil 2019, which offers analysis and forecasts for the next five years. The IEA expects the U.S. to add 4 mb/d of fresh supply by 2024, far outpacing other countries. The only other sizable contributions come from Brazil, Canada, Norway, Guyana, Iraq and the UAE. What are the implications of this? The IEA says that as U.S shale takes on more market share, OPEC will find itself in […]