March 11, 2019 / 3:34 PM / a month ago

CERAWEEK-U.S. oil output could respond less to prices as majors take shale fields -IEA

March 11 (Reuters) - U.S. oil production could become less responsive to crude prices as major oil companies take a larger share of the nation’s shale output from smaller independent producers, International Energy Agency officials said at an industry summit on Monday.

Most of U.S. shale crude is produced by independent producers. But Exxon Mobil Corp and Chevron Corp last week forecast strong production growth in the nation’s biggest oil field, the Permian Basin of West Texas and New Mexico, which could mean output would shift to companies that are far slower to respond to oil prices, said Toril Bosoni, a senior analyst at Paris-based IEA. (Reporting by Collin Eaton Editing by Marguerita Choy)

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