US oil output could increase by 500,000 to 600,000 barrels per day in 2018, leading to a rise in costs that will likely drag growth to a standstill in the years to follow as some production becomes unprofitable, according to Ian Taylor, president and CEO of oil trader Vitol. Slowing US production growth along with strong global demand should bolster oil prices, lifting them above the $50-to-$60-per-barrel range, Taylor added.
Vitol: US oil production growth to flatline after 2018
Sign up for API SmartBrief
Oil and natural gas industry news
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.