NEW YORK Dec 16 Production from shale formations in the United States, which has led to an unexpected reversal in long declining oil output, will peak at 4.8 million barrels per day (bpd) in 2021, according to an Energy Information Administration forecast issued on Monday.
This year is the bumper year for production out of the tightly packed shale rock. Output should rise by 1.2 million bpd, the highest annual jump, to 3.5 million bpd this year, according to tables in the EIA's Annual Energy Outlook.
Production will exceed 4 million bpd next year and rise more gradually toward its peak. It will fall to 3.2 million bpd by 2040.
Last year, the EIA expected shale oil production to peak in 2020 at 2.8 million bpd with this year's production at 2.3 million bpd. (Reporting by Sabina Zawadzki; Editing by Bob Burgdorfer)
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It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article