News
OPEC Expands Control Of Oil Markets As Shale Growth Stalls
U.S. shale may only add 500,000 bpd in 2023.
A number of factors from labor shortages to lack of external capital to exhaustion of sweet spots constrain growth in the U.S. shale patch.
Goldman Sachs’s Jeff Currie sees OPEC’s control over oil markets growing this decade.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.