U.S. shale oil output growth will slow to 600,000 to 700,000 barrels per day in 2020 and to 200,000 bpd in 2021, the chief executive of U.S. oilfield services giant Schlumberger said.
Lower oil prices and investor demand for higher returns have forced U.S. shale producers to scale back investment and production growth plans.
“Next year it will be 200,000 barrels per day,” Olivier Le Peuch told Reuters on the sidelines of a conference in Riyadh, adding that was his estimate for now.
Schlumberger has played a role in bringing fracking technology to Saudi Arabia, Le Peuch said, and will be involved in future development in the kingdom.
Source: Reuters (Reporting by Simon Webb; Editing by Louise Heavens and David Evans)