U.S. shale oil production has shown signs of moderation in recent months, but experts told CNBC that the revolution may not stop soon.
The net exporter status comes earlier-than-expected as a previous forecast believed it would be achieved by 2022.Oil supply and demand dynamics are being closely watched amid efforts by major oil producers in OPEC, and non-OPEC producers led by Russia, to curb their oil output in a bid to stabilize prices.
Yet there are signs of moderation too. Baker Hughes' closely-watched weekly Rig Count data, seen as an early indicator of future output, on Friday showed that there were 817 active rigs in the U.S. that week, down 264 from the same week in 2018. "We're looking at high single digit to low double-digit declines in capex for our major customers in North America and that's going to be impacting shale," he said.
"U.S. production is still increasing, and even with the capex declines you've seen productivity and efficiency so a lot is going to be seen in 2020 with U.S. production, what's going to happen in the fourth quarter of 2020 in U.S. production," he said, referring to the quarter when net energy exporter status is expected to be reached.The U.S.
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