U.S. shale production growth is slowing down, and America’s shale output will likely peak in the next few years, Russia’s Energy Minister Alexander Novak said on Tuesday. We see that there is slowing activity in U.S. shale, and despite the fact that production continues to grow, growth is weaker than in previous years, Novak told reporters in Sochi today. The number of drilling rigs in the United States dropped by 160 in a year, Novak noted. The U.S. oil rig count continued to drop in the latest reporting week, according to Baker Hughes data. The total oil and gas rig count now stands at 851, or 216 down from this time last year. The total number of active oil rigs in the United States increased by 1 last week, reaching 713—this is down by 160 rigs year on year. “This is clearly a trend,” Novak said, adding that at […]