U.S. Oil Production likely to peak in 2H 2024

[dan_s]

"Permian Basin and Eagle Ford oil recoveries have both fallen by 30% and the Bakken has declined by almost 20%. Those plays accounted for two-thirds of U.S. oil output in 2023. That means that U.S. oil production will decline at some time in the relatively near-future." - Art Berman

Read This: https://www.artberman.com/blog/beginning-of-the-end-for-the-permian/

My oil price forecast is based on the fact that we are currently in a period of low demand that will end in February. From March 1 to May 31 global oil demand, primarily transportation fuels, will increase by more than 2 million barrels per day.

As investors realize that U.S. shale oil production has peaked, the price of oil will drift higher; to $80/bbl in Q2 and eventually to $85/bbl by year-end.

The Green New Deal is a lie and global oil demand is not going down.