Faced with declining prices and a global supply glut, US light tight oil production is expected to fall by 800,000 b/d through 2017, but US shale is poised for another renaissance later this decade, Fatih Birol, executive director of the International Energy Agency, said Monday at IHS CERAWeek in Houston. “There was a rise, there will be a fall and soon there will be a rise again,” Birol said during a news conference. On Monday, IEA released its medium-term oil market report which estimated that after falling by 600,000 b/d in 2016 and 200,000 b/d in 2017, US light tight oil production will climb by about 250,000 b/d in 2018 as the global market begins to rebalance (See story, 1738 GMT). US shale will see year-on-year growth of about 550,000 b/d within five years as prices recover and technology improvements boost well production rates. The drop in US oil […]