LONDON (Reuters) - Trading house Vitol sees U.S. oil production peaking at around 14 million barrels per day in the next few years, its chief executive told the IP Week conference in London.
“Shale is a very different industry. It takes a great deal to maintain pressure. It takes some 20,000 new wells every year to stand still at current production levels so we have oil production peaking in the new few years because it takes so much operationally just to maintain levels,” Vitol CEO Russell Hardy said.
“So that shifts a little of power back to OPEC and OPEC+ but I don’t think anyone can afford to be complacent about that.”
Reporting by Julia Payne; editing by Jason Neely