US shale oil growth has almost entirely been driven by smaller, independent producers, but major oil companies are accounting for a growing percentage of shale output, a trend the International Energy Agency believes could blunt the impact of price volatility on US supply. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The majors are less responsive to prices, have longer-term strategic plans and balance sheets that can allow them to continue to invest in spite of volatile prices, said Toril Bosoni, a senior oil market analyst with IEA, during a news conference Monday at CERAWeek by IHS Markit. Bosoni said that while the majority of shale production is still by independents, the share of output from majors, including ExxonMobil and Chevron, will grow substantially over the next five years. “The majors are clearly taking a larger share,” Bosoni said. In its Oil 2019 […]