The US shale oil revolution continues to defy the skeptics. The U.S. shale oil revolution continues to defy the skeptics, and the country is now producing a record 11 million barrels per day (MMbpd) of crude. Helped by higher prices, production has been up 18 percent since the start of this year alone. Output has exploded 120 percent over the past decade to heights not dreamed about. Production was long thought to have peaked at 9.6 MMbpd back in 1970. The rush to shale has emanated from the rapid evolution and deployment of fracking and horizontal drilling technologies to extract petroleum and natural gas from shale rock. Texas and North Dakota have been at the forefront, with the former now yielding more oil than Iraq, the world’s fourth largest producer. Looking forward, given that the United States has accounted for 60 percent of new global oil supply since 2008, […]